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 stats
Here are rates from Synergymortgage.ca that just helped my clients fund an attached purchase this month:
Rates as of September 29, 2016
|* Floating Rate
Thinking of making a move or just getting into the East Van Condo Market?