What’s happening with Condos in East Van?
The East Van condo market remained really busy this past month. Sales to Active ratio was up over last month to 95%, which is the second highest total this year, behind June’s average of 141%. The 1 bedroom condo market had the highest sales to active ratio at 172% (up from 104% last month), while 2 and 3 bed condos were at 60% and 35% respectively.
The HPI price for East Van condos is at $540k, with the average price at $535k for a 1 bed (or $892/sqft), $756k for a 2 bed (or $840/sqft) and just over $1-million for a 3 bed (or $924/sqft). Overall, the HPI price was up, but the average price per sqft was slightly down for each segment, which continues to support the explanation that newer (thus smaller) condos are becoming a bigger part of the market.
The total inventory dropped from 210 to 182, with 61 one bedrooms, 103 two bedrooms and 17 three bedrooms. The number of new listings last month was pretty steady from the month before. We should see a drop in new listings in December, though there might be a lot of Sellers who want to take advantage of the timing before the Stress Test is instituted.
This market is still one of the busiest markets, and as the most affordable market in Vancouver, I don’t expect it to change. For Buyers looking to live in the unit, start considering units that don’t allow rentals or laundry – I can guarantee that you’ll have less competition when buying, which will make it easier to get into your first home to start building equity. If you don’t plan on renting the unit out in the short term, think about the ability to rent being an ideal rather than a deal breaker.
Every real estate market in Vancouver slows down at Christmas time (inventory drops significantly and Buyers put their search on hold while they go on vacation). In the last few years, I can remember a few of my Buyers who managed to sneak in a good buy with little to no competition during the holidays, so keep your finger on the pulse if you’ve been looking the last few months
If you’re looking to buy and haven’t chatted with a Real Estate Agent, there’s no better time than to start now! We can sit down for a coffee to discuss what you know, what you don’t know, what to expect and how to get started. It’s more intense than you might imagine, but it’s very do-able if you’re prepared. Shoot me an email to book a knowledge session: [email protected].
If you’re looking to sell, remember that the little things can make a big difference. We can help you ensure your home is prepared for a sale, and that you know what your options are when it comes to your next purchase and the ideal timeline as well.
Don’t hesitate to contact us if you have any questions!
East Van Condo Market Stats
(Green is 1 Bed Condos, Blue is 2 Bed Condos, Orange is 3 Bed condos)
