Happy August WeLoveEastvan.com readers! I hope you’re enjoying the summer despite the wildfires.
While everyone is out and about enjoying their excursions, weddings and boating adventures, it seems like the Real Estate Market is the only thing not on vacation these days. Good properties are still getting multiple offers (a sharply priced one bedroom off Kingsway got 13 offers this past week!) but there are opportunities out there for over priced or poorly marketed properties. What does this mean? Buyers have to stay on their toes, and Sellers need good advice.
Though the numbers are different this month, my analysis is the same – condos are booming, townhouses are hot and detached houses are lukewarm. The market typically slows down over the summer thanks to a major drop in inventory, but the numbers show that it’s only been a slight drop in inventory, and no shortage of Buyers looking. Some Buyers are trying to buy a place while they have a rate hold on a low interest rate, while others aren’t giving up on their search.
Our team has a couple intriguing condos coming up for sale in mid-August, so needless to say we expect the market to keep moving through the summer, with a slight downtown over the Labour Day long weekend, picking up again in the second or third weekend of September.
Keep in mind that the numbers vary depending on neighbourhoods and types of properties, i.e. Renfrew will be slower than Grandview, so if you would like more information on a particular type of home or neighbourhood, let us know and we’ll give you the stats.
(Green is Detached Houses, Blue is Townhouses, Orange is Condos)
Sales to Active Ratio:
Home Price Index (HPI) Price:
Check out my more detailed look into the East Van condo, townhouse and detached house market:
As always, if you want to chat real estate – either buying or selling – shoot me an email