The Condo Market should remain pretty active over the next few months, thanks to its entry level price points, interest from investors and active Buyers. I think we’ll see more and more “subject” offers thanks to less competition, and steadier prices, but I don’t think this market will suffer. Buildings that aren’t in great shape will suffer – Buyers won’t be as willing to throw good offers at buildings that haven’t been well maintained (and note that a building needing some work and a bad building are two different things).
Average Sales Price:
Take a look at the price difference between 1 bedroom, 2 bedroom and 3 bedroom condos in East Van:
Interesting take away from the graph above: The average price of (sold) 3 bedroom condos in East Van in September was $1300 cheaper than the average price of (sold) 2 bedroom condos in East Van. That’s pretty indicative of a city where there aren’t enough 3 bedroom condos available (note that many 3 bedroom units are townhouses).
Sales to Active Ratio:
Based on the sales to active ratios for condos, this market is still in demand.
Inventory should remain consistent through the Fall Season, but it’ll slow down as we get close to Christmas.
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