East Vancouver Detached House Market Update – December 2016
The Detached House market is still finding it’s feet after the nutty market we experienced in the last 2 years stopped abruptly with the introduction of the Foreign Buyers Tax and the new mortgage rules, and above everything else, it’s high price point. The sales to active ratio currently sits at 11% (up from 9% last month) while average price is at $1.46-million, which is the lowest it’s been all year (the high was in July at $1.704-million). Total inventory has been climbing since the beginning of 2016, currently sitting near it’s high at 734 options. The days on market is currently at 36 days, which is the highest it’s been since 2014.
This market is fairly volatile right now – prices may continue to drop, though I truly believe in the long term, the market will rebound given our low supply of land and the natural desire to own a detached house.
Average Sales Price of Houses in East Van
Average Sales Price: Here are the average sale prices for detached houses in various neighbourhoods in East Van. Keep in mind, with fewer sales creating these averages, it takes a only a few “tear down” sales to drop the average price by a few hundred thousand dollars.
Don’t hesitate to contact us if you are starting to think about sale of your home in East Vancouver – with the detached house market slowing down, you have to ensure that your home shows it’s best, is marketed well and has a good negotiator behind it to ensure your sale is a success.