Considering that sales and new listings were expected to slow down for the holidays, the East Van condo market is still performing well. Though sales and listings are down, the sales to active ratio is still a positive 17%. The average and median price have increased over last month, and are equal to what they were last year, showing that overall, the market has been pretty steady in prices.
Looking at what sold this past month, 90% of the sales were under $500,000, with 63% of sales under $400,000. This market will also remain one of the most inexpensive in Vancouver (North Van would be in the same range) and different neighbourhoods in East Van show different price points. Condos close to Main St, Mount Pleasant or Commercial Drive command a premium that units in Collingwood or Renfrew don’t (thanks to the distance from downtown).
Buyers are starting to realize the importance of Depreciation Reports, and whether or not a building has the Depreciation Report can be a deal breaker. For Sellers, encourage your Strata Council to stay on top of building maintenance since Buyers want to see that the building is well maintained. A building in good repair lends value to the unit itself, or can help the unit sell quicker.
Recent Condo Sales in East Vancouver
The most expensive condo sold in East Van last month was the penthouse unit in the new Meccanica building in Southeast False Creek. This 2 bedroom 2 bathroom home has over 1540sqft of interior space and 1300sqft of exterior space with and outdoor kitchen and hot tub. The unit was listed and sold for $1,429,900 (don’t forget to add the 5% GST).
One of the least expensive condos sold in East Van last month was a 613sqft, 1 bedroom, 1 bathroom unit in 774 Great Northern Way in Mount Pleasant. On the quiet side of the building, this suite enjoys a south-facing large deck & is private & looks onto a treed green space. Renovations include: New bathroom, flooring, cabinets & countertop. There is laundry on every floor & the suite has plumbing roughed in for in-suite laundry. Listed for $260,000, this unit sold for $247,000 two and a half months later.