East Vancouver Condos – May 2016
The East Vancouver Condo Market is still very busy, with a 96% sales to active ratio – a number that has almost doubled since January thanks to activity in the newer emerging markets like Champlain Heights, Knight and Hastings.
The total inventory is down slightly over last month, and down further over last year. These are the lowest inventory numbers we’ve seen in the last 10 years. Hopefully we see a few more Sellers list their property for sale in the next few months to bring these numbers up to something a little more normal. The average number of days on market remains at 8 days.
The average price per sqft is at $622/sqft, which has steadily risen over the last few years, and the average sales price if $474k, though the price can vary significantly across different neighbourhoods. The further you get from downtown, the lower prices get, though building construction, age, and other factors that can make or break a property come into play when it comes to price. The average price was at $481k last month and $381k last year.
Prices of Condos in Different East Van Neighbourhoods
Take a look at how the price of 1 bedroom condos compares in various neighbourhoods:
Take a look at how the price of 2 bedroom condos compares in various neighbourhoods:
The hot spots are still Downtown, Mount Pleasant, Fraser, Hastings and Commercial Drive, though Champlain Heights / Fraserview in the River District area has become quite popular for condos and townhouses, for both new sales and re-sales.
Given the busy market, you will likely need to come in with a very strong offer in order to be successful in buying a condo. These strong offers need more due diligence than ever, so contact us to ensure that you’re aware of what you’re buying so that not only is the purchase process smooth, but you enjoy living in the building for years to come.
Don’t hesitate to contact us if you have any questions about the market.