East Vancouver Condo Market Update
The East Van condo market saw a 20% drop in listings and sales, along with a slight drop in prices and a 72% increase in days on market (those Buyers must’ve been taking it easy over the holidays!). The most active markets was anything under $500k, with no activity in the $600k and up price points. This isn’t too surprising as most “family sized” units aren’t often listed over the holidays since trying to sell your home while trying to enjoy the holidays with your family can be difficult, so many sellers with larger units choose to wait until the new year.
Expect the East Van Condo market to remain busy. There are a few new condo and townhouse developments expected to finish this year, including new buildings on East 1st (east of Main), on Hastings near Commercial Drive and some townhouse complexes in Mount Pleasant and Grandview. Condo Depreciation Reports are becoming more and more important in a Buyer’s decision to pursue a property and good real estate agents are becoming invaluable in leading Buyers through the purchase of their first home. Contact us, we’ll make sure you’re on the right path.
Recent Condo Sales in East Vancouver
One of the least expensive condo sales in East Van last month was a 550sqft, 1 bedroom unit in a rainscreened building in Hastings. The unit comes with parking, storage and in suite laundry. The unit itself was listed for $219,000 and eventually sold, 8 months later, for $175,000. Rentals are at max in the building, but otherwise at this price point, it would’ve been a great investment suite.
One of the most expensive condos sold in East Van last month was one of the penthouse units in the not-yet-built 188 Keefer St. This 2 bedroom, 2.5 bathroom unit will have 1115sqft, parking and a balcony with views of false creek and the city. The unit was listed for sale for $879,900 and sold a week later for $879,900 (not including the 5% GST).