Happy Holidays Everyone! We hope you’re enjoying the season with good friends and good fun. We’re
There is still some activity in the real estate market as people try to purchase or sell their property before Christmas and the New Year. The sales to active ratio is 60% for condos, 65% for townhouses and half duplexes and 50% for detached houses which indicate a very strong Seller’s Market for every type of property. This Seller’s market is thanks to consistently low inventory throughout the year, and increased Buyer demand (given the low inventory). Inventory typically starts to increase in by the end of January, and continuing through the Spring, so keep your eye on the market.
The sales to active ratio is 46% for East Van townhouses and half duplexes and 37% for East Van houses, which indicates a Seller’s Market in both categories. The East Van condo market is showing a sales to active ratio of 18%, which is a balanced market for Buyers and Sellers. The townhouse market in East Van should continue to show strong interest from Buyers as it offers quite a few options in terms of price point, and often remains under the $1-million price point which means Buyers don’t need to have 20% down like they would for properties over $1-million (as per mortgage rules). Keep in mind that many duplexes near Main St can command more than $1-million if they’re newer or renovated. Expect this market to continue to see new inventory from developers, though slowly, thanks to long waits for development permits from the City.
Take a look at our more specific real estate updates:
The Christmas season is a great chance to start researching if you’re looking to get into the real estate market, even if you’re not planning on doing so for a few months. Take some time now to chat with your family about getting help for down payments or advice on the buying process and give us a call to sit down for coffee over the next few weeks so that we can get you started on the right path.
– The WeLoveEastVan Team