East Vancouver Condo Market Update
The East Van condo market had a busy November, with an average sale price of $350k for studios/one bedrooms to $497k for two bedroom units to $947k for three bedroom units (three bedroom condos are rare). The sales to active ratio is a very strong 60%, thanks to a declining inventory (the lowest it’s been since before 2012).
The number of sales increased 137% over last month and 32% over last October while the amount of inventory dropped 30% over last month and 62% over last year. Prices have increased over last year – in part because there are more newer condo buildings (that are often more expensive) and in part because of the increased competition for units. Hopefully we’ll see more inventory on the market in the New Year, making it a balanced market rather than the Seller’s market it’s been for the last few months.
I find I have a lot of clients who are purchasing a unit to live in, but restrict their search to buildings that allow rentals. This limits your search to a small number of buildings, and creates more competition for these units. If you don’t need to rent the unit right away, or want rentals in case something changes in your life, I would consider buildings that allow rentals with restrictions. Not only are buildings trending towards allowing more rentals, but you can always apply for a hardship to be able to rent if you need it.
Recent Condo Sales in East Vancouver
One of the most expensive condos sold in East Van last month was this gorgeous two level loft in Mecca near East 4th and Main. The 2 bedroom, 2 bathroom loft has incredible views of the city and mountains through the black framed, double height windows. The unit itself was recently renovated wit top of the line finishings and a smart floor plan. The building is a live/work building, with an industrial feel. The unit doesn’t have any outdoor space, but the building has a large common, rooftop patio with a BBQ and fire pit. This unit was listed for $1,148,000 and sold a week later for $1,355,000.
One of the least expensive condos sold in East Van last month was this unit at East 7th and Prince Albert. The 428sqft unit has a great floor plan with no wasted space and updated features. Though the unit is small, it has a good sized rooms and a large ground floor patio. The building allows rentals, and owners can rent parking and lockers from the building. The unit does not have shared laundry, but it is available in the building. Listed for $199,900 including furniture, the unit sold for $195,000 a few weeks later.