Mount Pleasant condos, townhouses and detached houses had the most activity compared to other neighbourhoods in Vancouver for the month of November. The Vancouver East Side real estate market is performing well in the condo and townhouse sector, however the detached housing sector is having far less activity. Vancouver East Side condo and townhouse prices remain unchanged from last month and detached house prices have dropped by approximately 1 per cent.
Since the introduction of the foreign buyer’s tax in August and the new mortgage regulations in October, many buyers stepped back to see how the market would react. Now that we have had some time for the market to respond, we can look at enough information and data to assess how these two rule changes impacted the Vancouver market and more specifically to the Mount Pleasant real estate market.
Below will outline property types and pricing and how each sector is performing in Mount Pleasant. For a recent market update for all of Vancouver you can click on the link Vancouver Real Estate Market Update – December 2016
Detached Houses in Mount Pleasant
There were a total of 7 houses sold in Mount Pleasant for the month of November (see chart below for pricing). Two of the sales were primarily lot value and sold for under 1.2 million on a 33 foot and a 35 foot lot. Both were on busier streets so it will be interesting to see if they will remain as rental / holding properties or will be developed into strata duplexes. The remaining 5 detached houses were all nicely remodeled, sold close to asking within 14 days. Accurately priced detached houses for sale in Mount Pleasant are receiving good activity with sale prices close to asking with an average of 23 days on the market. The listing inventory remains low as we approach the new year so we can expect good activity in the price range of 1 million to 1.7 million dollars through to February 2017.
November of Listings and Sales
Number of Listings |
Number of Sales |
Absorption Rate |
13 |
7 |
54% |
Number of Sale by Price Range
$1 – $1.5 million |
5 |
$1.5 – $2 million |
2 |
Condominium and Townhouses in Mount Pleasant
The condo and townhouse market in Mount Pleasant was very busy for the month of November. There was good activity up to 1.4 million dollars with the average days on the market at 8. Low inventory, continuing record low interest rates and a near zero percent rental vacancy rate for Mount Pleasant calls for a very busy condo and townhouse market in the coming months. The absorption rate is currently 88 percent which indicates a Sellers market. Average price for condominiums and townhouses remain unchanged from last month but the average price for detached houses has dropped for a third consecutive month. The once wide gap between condominium and townhouses prices in relation to detached houses has started to close.
Number of Listings and Sales
Number of Listings |
Number of Sales |
Absorption Rate |
66 |
58 |
88% |
Number of Sales by Price Range
0 - $350,000 |
11 |
$350,001 - $450,000 |
10 |
$450,001 - $500,000 |
4 |
$500,001 - $600,000 |
7 |
$600,001 - $700,000 |
9 |
$700,001 - $800,000 |
6 |
$800,001 - $1 million |
1 |
$1 – $1.2 million |
4 |
$1.2 million plus |
1 |
Total |
58 Sales |
Summary
The Mount Pleasant real estate market is very good and will continue into the new year. The foreign buyer’s tax and new mortgage regulations have had a minimal impact but today’s buyers are price sensitive and will not look at overpriced listings.
For further information please call or email me.
Written by Don Urquhart Vancouver real estate agent since 1987 – Mount Pleasant specialist.