East Vancouver Real Estate Market Update Blog – February 2017

10.02.2017

What’s Happening in the East Van Real Estate Market?

Hello WeLoveEastVan.com readers, I hope you enjoy a nice Family Day weekend! As usual, real estate continues moving through the holidays, so you’ll find us at our weekend Open Houses and out and about viewing property with Buyers. 

Given that January comes at the start of the year and after the long Christmas holidays, it’s often the start of a new real estate cycle. January is typically slow to start, but I find the beginning of the year a good opportunity to get a sense of what to expect for the Spring Real Estate Market. In short, it’s still busy, but different price points are experiencing different things. 

The Government made another announcement this month – they will be exempting those with work permits from paying the 15% foreign buyers tax – a welcome change to those new to living and working in Canada and a good idea if you ask me. Another exciting announcement was at our Brokerage’s Annual Kickoff breakfast, where the Zwick Chimes Real Estate Team (that’s us!) was awarded the #1 Team at RE/MAX Crest Westside, an honour we’re very proud to receive. 

As for the market, it’s been a busy two weeks. The first few weeks of the month were quite slow (which is typical) but the second two weeks have been busy with new listings (and re-lists from the fall), multiple offers and quick sales. If this is an indication of what to expect this Spring, prepare for a similar market to the last two years. I’m finding that that market under $800k is very busy with Buyers, so expect to compete in multiple offers on properties (especially the good ones). This activity is due to a few things.. never ending demand from Buyers looking to get into the market (and for good reason); low inventory; the Government’s new First Time Buyers Loan Program; downsizers; investors; and second time Buyers needing a larger unit to house their growing family. The detached house market is surely the slowest market we’re seeing.. good properties are still selling (and sometimes in multiple offers) but the days on market is getting longer and average price looks to be evening out. What will help ease off this demand? More supply (I’m looking at you City of Vancouver). 

Looking at the numbers, the sales to active ratio in East Vancouver was 41% for condos (it was 38% last January, and was higher throughout 2016), 22% for townhouses (it was 28% last January and higher throughout 2016), and 8% for detached houses (it was 29% last January and started dropping in May). 

(Green is Detached Houses, Blue is Townhouses, Orange is Condos)

Total Inventory: 

Sales to Active Ratio: 

HPI (Home Price Index) Price (remember, this is different than Average Price): 

For our specific updates on each market, check out our blogs below.. 

East Vancouver Condo Market Update

East Vancouver Townhouse and Half Duplex Market Update

East Vancouver Detached House Market Update

Contact us if you need anything real estate related – the market is in full swing so call us to chat about listing/marketing your property, and what to expect as a Buyer when competing in multiple offers. As usual, pricing strategy is important in the busy low end market and the slow high end market, so knowing how a property is price (low to generate multiple offers, fair based on previous sales and high to leave room to negotiate) is a very important factor in negotiation. 

As usual, I suggest you speak with a mortgage broker (see our recommendations) if you’re looking to purchase a property this year. They can ensure that your short term and long term financials goals are taken into account when it comes to your affordability, and can set you down the right path if purchasing property isn’t in your immediate future. 

If you want to chat real estate, shoot me an email :) 

[x] close

Login for Full MLS Access

Name*:

Password*:

Email*:

Phone:

Budget: -

Square ft.: -

# of Bedrooms:

# of Bathrooms:

Area:

Key criteria:

Terms of Use

The term Virtual Office Website ("VOW") refers to a Participant's (REALTORS®) Internet website, or a feature of a Participant's Internet website, through which the Participant provides real estate brokerage services to Registrants (clients and prospects) with whom the Participant has first established a relationship where the Registrant has the opportunity to search for MLS® data, subject to the Participant's oversight, supervision and accountability. By agreeing to these "Terms of Use" you:

  1. acknowledge and understand that the Terms of Use do not create an agency relationship and do not impose a financial obligation on the Registrant or create any representation agreement between the Registrant and the Participant;
  2. understand that all data obtained from the VOW is intended only for your personal, non-commercial use;
  3. do have a bona fide interest in the purchase, sale, or lease of real estate of the type being offered through the VOW
  4. agree not to copy, redistribute or retransmit any of the data or information provided;
  5. acknowledge the Board/Association ownership of and the validity of the copyright in the MLS® database.
  6. agree that all information provided may be provided to the relevant Board and may be used to administer and operate the VOW and to investigate any breach of security of the data or the MLS® rules
  7. that a "mouse click" is sufficient acknowledgement and agreement to the terms
  8. must supply a user name and a password, the combination of which must be different from those of all other Registrants on the VOW, before being permitted to search and view information from the MLS® database via the VOW.
  9. must provide a valid email address. The Registrant may be permitted to access the VOW only after the Participant has verified that the email address provided is valid the Registrant's agreement to the VOW's Terms of Use is confirmed.
  10. understand the Participant must at all times maintain a record of the name, telephone number and email address supplied by the Registrant, and the username and current password of each Registrant, such records to be kept for not less than 180 days after the expiration of the validity of the Registrant's password. If the Board/Association has reason to believe that a Participant's VOW has caused or permitted a breach in the security of the data or a violation of MLS® rules related to use by one or more Registrants, the Participant shall, upon request, provide to the Board/Association a copy of the record of the name, email address, telephone number, username, current password, and audit trail, if required, of any Registrant identified by the Board/Association to be suspected of involvement in the violation.
  11. Understand that information on this site is deemed to be valid but is not guaranteed. It is the responsibility of the registrants to confirm all information on their own. Broker may not have reviewed or approved listing enhancements. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
  12. Understand any agreement entered into at any time between the Participant and Registrant imposing a financial obligation on the Registrant or creating agency representation of the Registrant by the Participant must be established separately from the Terms of Use, must be prominently labelled and may not be accepted solely by mouse click
  13. have received, read and understand the brochure published by the British Columbia Real Estate Association entitled Working With a REALTOR®

Having agreed to the terms and conditions of use, I would like to have access to this VOW information.

 Terms and Conditions I agree to the Terms and Conditions

[x] close

Login for VOW Access

Remember me

Don't have an account? Register now!