Vancouver Real Estate Market Update – March 2015

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MARCH 2015

I have to say, this has been one of the busiest starts to the year that we’ve seen in a long time. Across the board, listings are up, sales are up, prices are up and “days on market” are down. The market is showing a lot of activity, in every neighbourhood and in many different price points. We’ve seen MANY units go into multiple offers a few days after being listed, thanks to a high demand from prospective Buyers who are financially ready and knowledgeable of both the market and what they want in a home. Many Buyers have unfortunately been involved in a few unsuccessful multiple offer attempts, which increases the desire to secure a good property when it’s listed. Mortgage rates are low, which gives some Buyers an extra financial lift, and with all the sunny days we’ve been having, properties show better and get people out of the house to view them. It’s a Seller’s Market, but the quality of homes on the market is getting better every week, giving Buyers some good options.

East Vancouver Update

The East Vancouver market remains one of the busiest markets in Vancouver, with a hot housing market, a new influx of condo buildings, and affordable options compared to the Westside. Houses in East Van are selling as quickly as they’re listed. After a 57% increase in the number of sales in January, Detached Houses in East Van showed a 41% sales to active ratio, with a 71% sales to active ratio in the $600k to $1.25-million price range. Average detached prices are now over $1.1-million, which that average likely higher for neighbourhoods closer to downtown (Mount Pleasant, Main, Fraser, Knight and Victoria). The East Vancouver townhouse and half duplex market has been a sporadic market with monthly fluctuations in average price, sales to active ratios, sales and total inventory. We saw double the number of sales over January with average and median prices over $700k, though this market is arguably the most varied, with townhouses as low as $300k and half duplexes well over $1-million, which can easily cause some differences in price. The East Vancouver condo market has been busy this month with a 26% sales to active ratio and 50% more sales than the previous month, though last year at this time saw more sales. Prices increased 17% over last month to an average price of $407k and a median price of $379k.

Vancouver West Update

The Vancouver West Real Estate Market has been very strong the last month or two. Detached houses are showing a 21% sales to active ratio which is in line with the highest it’s been in the last few years and indicates a Seller’s market. The average price is $2.8M while the median price is $2.588M in Vancouver West. We saw the number of new listings quadruple since December and the number of sales increase to 167. The most active markets are Cambie, Kitsilano, Dunbar and Mackenzie Heights. The townhouse and half duplex market in Vancouver West is showing a 30% sales ratio (easily the highest it’s been in the last few years) with the average price at $1.03M and the median price at $911k. The Vancouver West condo market has been busy as well, with a 28% sales ratio – though take heart prices are not at the highest they’ve been in the last few years – average price is sitting at $654k while the median price is at $499k. The most active markets here are Mount Pleasant, Kitsilano and Fairview.

North Vancouver

Like the rest of Vancouver, the North Van detached house market has been incredibly strong the last few months. The sales ratio is at 43%, easily the highest it’s been in years with a 100% sales rate in the $900k to $1M price point. The median price is now $1.278M with the average sales price at $1.326M. Total inventory is at a low point, likely thanks to the high sales numbers. The most active markets are Canyon Heights, Edgemont, Lynn Valley, Capilano and Upper Delbrook. The townhouse and half duplex market in North Vancouver is VER busy with a 49% sales ratio, easily 10% more than any month in the last few years, with average and median prices in the mid-$600’s. The condo market in North Vancouver is likely the slowest market, though it’s doing well compared it it’s recent history. It has a 22% sales ratio (higher than it’s been in years) with the average price at $408k and median price at $369k. The most active attached markets are Lynn Valley, Northlands, Central Lonsdale and Upper Lonsdale.

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