FEBRUARY NEWSLETTER 2018
The last few months have been very interesting times in the real estate market.
We have seen the market on a whole slowing down, however certain price points, locations and types of properties continue to be selling at a fast pace with rising prices. Other areas of the market are in a downturn with few sales and price reductions happening frequently.
Here are a few examples of sub-real estate markets and how they are selling around the Lower Mainland based on January activity:
- Detached Westside Vancouver homes with both typical 33 and 50 foot lots are selling slowly often taking 30 – 90 days to sell. Prices are down on these two markets between 5% to 15% from all time highs in late 2016 and early spring 2017.
- Detached homes in areas such as Main, Fraser and small pockets of Kitsilano such as Kits Point are still setting record prices sale after sale.
- Detached Homes in North Vancouver are incredibly slow. I looked at houses over 3500 square feet in January and there were only 5 sales, with 117 on the market!
- West Vancouver was also very slow. There was only 1 sale of a newly built home while there are 57 on the market.
- East Vancouver detached homes at the entry point of the market around $1,300,000 are selling quickly as buyers continue look for affordability and land ownership.
- The hottest market by far in my experience currently are condos selling between $400,000 and $800,000 as this is where the bulk of buyers land with their financing approvals and has created bidding wars on almost every good property. I have seen as many as 16 offers on certain condos with most buyers writing “no subject, over asking price” offers hoping to have a chance.
- Townhomes and 1/2 duplexes up to around $1,300,000 remains very active with good properties selling quickly and frequently over the asking price.
- Luxury condos are still doing very well with highly desirable buildings Downtown and in False Creek being fought over by downsizing couples.
- Pre-sales are being gobbled up by investors and foreign buyers almost as fast as they are launched. That said certain projects in Burnaby and a few areas of the Westside have started to slow down as prices have gotten so high it’s proving hard for investors and speculators to continuing believing in the upside.