The East Vancouver Real Estate Market has continued the same trend we have been seeing all year with lots of activity and not enough good inventory to satisfy Buyer demand. The condo market had a 40% sales to active ratio, the townhouse market has a 34% sales to active ratio and the detached market had a strong 47% sales to active ratio. Take a look at this graph (from the Real Estate Board) to see the general sales to active ratio across East Vancouver for the last 3 years:
The sales to active ratio has been steadily climbing from about 23% in January to over 40% in May, with the ratio not exceeding 30% prior to February 2014. What does this mean? East Vancouver continues to see interest from Buyers across all price points and types of property. The increase in new condo/townhouse developments in the area has certainly helped, along with a few different neighbourhoods growing in popularity. How does this affect you? Know that in order to be successful in this market, you’ll have to be prepared, both financially (get pre-approved for a mortgage) and personally (work with a realtor and start viewing property).
Take a look at our market updates for more specific information:
One thing I want to point every one to is our Custom MLS Search that will become a favourite tool for every Buyer! This tool will keep a list of properties that match your ideal criteria (price, bedrooms, size, neighbourhood, construction, rental restrictions, etc) that you can access anytime – you no longer have to search across the internet for your next home, as these properties will be emailed to you in a succinct list. You’ll also be able to see how long they’ve been on the market and what they sold for – two pieces of information every buyer wants and can’t find on Realtor.ca. The best part is the WeLoveEastVan Team is only an email or phone call away for more information. For more information, and to sign up: http://www.weloveeastvan.com/mls-search/custom-mls-search/
As always, contact the WeLoveEastVan team if you have any questions. We want to encourage every Buyer or Seller to contact us to talk about their real estate goals – we can ensure you’re positioned to find the right home, at the right time, for the right price and terms in what’s expected to be a busier than normal summer market.