Analyzing the trends in East Vancouver Real Estate
August was a lot busier than expected in Vancouver’s Real Estate market.. for both sales and general interest in the market even though fewer listings were available. This past August saw an overall 50% increase over August 2012, which is pretty significant for a typically slow month.
Though inventory numbers for East Van property for sale are still rising – we expect the peak to be around the beginning of October – there aren’t a ton of good options right now but stay tuned. Expect good properties to get a lot of interest and sell quickly. We’ve got a lot of interested Buyers waiting to jump on the right property, and we’ve got a few new listings coming up soon (including a Vancouver Special just West of Main Street).
Subscribing to my PCS Listings Service will help you stay on top of the market – it’ll email you with new listings that match your criteria every day, often before the listings hits Public MLS. You’ll be able to see if listings have sold, or dropped their price.
The banks are becoming more picky with requirements for lending – we’ve seen quite a few deals fall through due to financing. We expect these lending hassles to bring the Fall Market down a notch – it’ll still be busy just not as hot as expected. Keep in mind that in with accepted offers falling through due to financing, properties aren’t sold until all subjects are removed. Submitting a back up offer is a consideration in this kind of market. Play with our Mortgage Calculator to get an idea of where you fall in the affordability spectrum.
An overall trend I’ve noticed in the market is a decrease in listings over last year and an increase in sales. Reading between the lines – this means there is more competition for fewer listings, and Real Estate in East Van remains popular – for first time Buyers (thanks to the lower prices), for mid sized townhouses & half duplexes, and for family homes awaiting a reno.
Take a look at a more detailed analysis of each type of property:
Otherwise, get searching for your next home in East Van.