We saw some respite for Buyers looking to get into the detached house market last month – the sales to active ratio dropped to 33%, which is the lowest it’s been since it was at 32% in January, though make no mistake, it’s still a very busy market with not enough inventory to satisfy the demand, and continually increasing prices pushing certain Buyers out of the market. It will be interesting to see what happens this fall with inventory and interest, and how that affects prices.
Average and median price dropped slightly over July, but are still up 23% and 27% respectively since this time last year. Currently, average price is $1,290,209 while the median price is $1,259,400. Take a look at this graph detailing average prices of detached houses in East Vancouver over the last few years:
Contact us if you’re interested in getting into the detached market – we have a lot of experience and have helped a lot of clients get into this market in the last few years, experience that you need to be successful in your own purchase.
One of the most expensive houses sold in East Van last month was in Strathcona. This home sits on a 37.5×122’ lot and has a home with 3224sqft of interior space. This home features 4 levels with the bottom level being a 2 bedroom legal basement suite. The home is a registered heritage house and retains lots of wonderful character details. The home has a front and back patio and well kept garden, along with a detached garage. This home was listed for $2,180,000 and sold 2 months later for $1,980,000.
One of the least expensive houses sold in East Van last month was this stratified property with no maintenance fees. A detached strata property shares a plot of land with other homes which aren’t necessarily laneway or coach houses. This bungalow was 1845sqft with 3 bedrooms and 2 bathrooms and 1 open parking spot. The home was listed for $499,000 and sold 2 weeks later for $630,000.