Condo Market in East Van

This week I’ve decided to focus on the East Van Condo Market – as it’s kept me pretty busy in September. As of today, September 30th, there are currently 313 active attached listings in all of East Vancouver. A quick search of sales that have been reported in the same area for the month of September, revealed 101 sales. That’s just 3 months inventory which equates to a seller’s market. So, why are buyers buying? The reality is, our rental vacancy rates are extremely low. I’ve discovered that first hand in watching a few of my close friends lose hope of staying in the city. A quote from the Globe and Mail article by Andrea Woo on August 7th says: “In Metro Vancouver’s eye-watering real-estate market, many renters, too, are finding themselves in a desperate scramble for adequate housing. The region’s rental vacancy rate is just 0.8 per cent – a figure that is shaved down to just 0.6 per cent in the city of Vancouver, where the majority of residents are renters. Housing experts say a healthy vacancy rate is between 3 and 5 per cent. Lower-cost accommodations are elusive. In the city of Vancouver, the vacancy rate for purpose-built rental units under $750 is just 0.2 per cent; from $750 to $1,000, 0.8 per cent. Metro Vancouver stands at 1 per cent for each price range.”

Combine the almost-no rental availability with extremely low interest rates, it’s not a surprise to me to see the East Van Condo Market moving.

East Vancouver Condo Market Update

East Vancouver stats

Here are rates from Synergymortgage.ca that just helped my clients fund an attached purchase this month:

Rates as of September 29, 2016

Term Bank Rate Synergy’s Rate
1 Year 3.19% 2.19%*
2 Year 2.49% 2.24%
3 Year 2.64% 2.29%*
4 Year 2.69% 2.39%
5 Year 2.74% 2.35%*
7 Year 3.24% 2.99%
10 Year 3.84% 3.59%
* Floating  Rate 2.90% 2.10%

 

Thinking of making a move or just getting into the East Van Condo Market?
Give me a call at 604.376.2336 or email [email protected] and I’d be glad to go over the market landscape and get you into your perfect home.
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