September came and went and we saw some good activity in Vancouver Real Estate. Though the number of listings did increase over last month, it wasn’t a large increase by any means, especially compared to September 2012, which had quite a few more listings than we saw in 2013. We had quite a few clients looking to buy a place with the mortgage rate hold they had in place, while others jumped on the few good places that came up for sale. Inventory wasn’t fantastic, so many of the good listings received multiple offers, while other listings are sitting stagnant.
Regarding the East Vancouver Real Estate Market in particular, we’re seeing a hot streak, leading to prices in all market segments increasing over last month. This trend rings especially true in the detached market, where homes with one or more of the following characteristics are flying off the market: building lots that can be re-zoned or developed, character homes along Main Street, homes with 3 bedrooms up and a mortgage helper.
As we noted last month, we expect October to see the peak in number of listings and quality of listings, so keep your eyes on the market and let us know if you want to see any listings or need a professional opinion.
Take a look below at the specifics behind each Real Estate market in East Van:
As always, let us know if you have any questions on a unit, building or neighbourhood in East Van.
Depreciation Reports and East Van Condos
This is an interesting time for East Van condos (especially the older, pre-1999 built buildings) because of a new document called a “Depreciation Report”. This is a report done by an Engineer who inspects the building components (roof, boiler, exterior, etc) and offers a 30 year maintenance and financial plan for the building. This report doesn’t need to be followed exactly, but it gives current and prospective owners a good idea of the funds needed to maintain the condo building. Every condo building in Vancouver needed to either commission a report in 2013, or vote it down by a 3/4 Strata Corporation vote. Right now, many reports are in the process of being done or haven’t yet been done, so it leaves Buyers in a precarious position – buy a condo before seeing the report or wait until the reports are out in order to make a more rounded, long term decision.
Mortgage lenders are also asking to see this report so they know what they’re lending on – this could affect how much Buyers are approved to borrow.
Take a look at our Mortgage and Financing Page to get an idea of what you can borrow, and for a more specific answer, talk to our Mortgage Broker.
Depreciation reports are a new requirement for all Vancouver Condos – so we have yet to see exactly how it will affect the East Van Condo Market. If you have any questions, let us know.
You can also take a look at our blog detailing everything you need to know about Condos in East Van.