The East Vancouver condo market was busy last month, but not when comparing it to last year. If you’re wondering why prices have gone up so much in the last few months – inventory is a big reason why. There were 411 listings at this time last year, while only 158 listings now, meaning there are fewer listings for Buyers to consider which increases the competition… and the prices. Average price last year was $357,389 while it’s at $483,668 right now. Part of this price increase is that brand new condos command a higher price and skew the average price upwards, but the prices of older units have also increased given the strong competition between Buyers.
Take a look at the inventory number for condos listings (specific to East Van) over the last few years:
As always, the biggest considerations to make when buying a condo are whether or not the unit works for your lifestyle and future plans, the quality of the building and it’s value. It’s our job to help you decipher the value and the building quality, so contact us to talk about what you’re looking for in a new home.
The hot spots are still Mount Pleasant, Commercial Drive and Hastings East, though Collingwood is becoming a more and more popular destination given it’s price point and access to the Skytrain.
Don’t hesitate to contact us if you have any questions about the market.
Recent East Van Condo Sales
One of the most expensive condo sales last month in East Van was this 2 bed, 2 bath unit in Social at 2321 Scotia St, a 2011-built building off Main St. This 1160sqft unit has pretty incredible mountain and city views through the high floor to ceiling windows. The unit comes with two parking stalls, a storage locker and upgrades to the finishings. The building has a gym, rooftop patio, party room and guest suites. The unit was listed for $798,000 and sold for $921,000 a few days later.
One of the least expensive condo sales last month was one of the last units for sale by the Developer in 388 Kootenay, just east of Boundary and Hastings. This 570sqft, 1 bed, 1 bath unit comes with a large ground floor patio, parking and storage, along with a full Developer’s Warranty (one key benefit: buying from the Developer gives the Buyer the ability to rent the unit regardless of any bylaw restrictions). This unit was listed for $259,900 (not including the additional 5% GST tax on new homes) and sold for full price. This unit would make a fantastic rental property.