Buyers Market or Sellers Market by Price Range
The Vancouver real estate market increased in activity in July and August. There was an increase in the total number of monthly sales compared to the previous months of 2019 and compared to July and August of 2018. This has sparked a debate in the media questioning whether the local real estate market is recovering from downward pressure on prices and is finally stabilizing. It is too soon for this debate and the market is going to need a few more months of positive data. The increase in sales is in the affordability price ranges only (see below) and we should see this continue through 2019 in specific neighbourhoods and types of properties.
The are four main reasons for this increased activity in the affordability sector.
- Interest rates have declined close to record lows.
- Prices have dropped over the past 24 months from 8% to as high as 18%
- Potential buyers have been watching the market from the sidelines for 2 years and feel prices are close to stabilizing.
- Expensive rental housing in Vancouver with a very low vacancy rate.
The busiest areas of the Vancouver real estate market are:
- One-bedroom condos in Downtown and Yaletown
- Half duplexes in Mount Pleasant priced under 1.6 million
- Single family houses with basement suites in Main and Mount Pleasant under 1.6 million
The above sectors are busy, but if a listing is overpriced a buyer will simply not take the time to view the property. In addition, any new listing in need of repairs will turn most potential buyers away.
The following shows activity by price range.
Downtown Yaletown Coal Harbour West End Condo For Sale
$300,000 to $1.25 million Sellers Market
$1.3 million plus Buyers Market
Vancouver West Side Detached Houses
$1 mil to $2 million Sellers Market
$2.1 mil to $2.75 Balanced Market
$2.8 million plus Buyers Market
Most active neighbourhoods are Kitsilano and Mount Pleasant West Side
Vancouver West Side Condominium and Townhouses For Sale
$300,000 to $1.25 million Sellers Market
$1.3 million plus Buyers Market
Most active neighbourhood is Kitsilano
Vancouver East Side Detached Houses For Sale
$800,000 to $1.25 million Sellers Market
$1.3 Million plus Buyers Market
Most active neighbourhoods are Main and Mount Pleasant
Vancouver East Side Condominiums and Townhouses For Sale
$300,000 to $700,000 Sellers Market
$800,000 to $950,000 Balanced Market
$1 mil to $1.75 million Sellers market (half duplex sector)
$1.8 million plus Buyers Market
Most active neighbourhoods are Mount Pleasant and Grandview
North Vancouver Detached Houses For Sale
$900,000 to $1.75 million Sellers Market
$1.8 million plus Buyers Market
North Vancouver Condominiums and Townhouses For Sale
$300,000 to $900,000 Sellers Market
$1 mil to $1.75 million Balanced
West Vancouver Detached Houses For Sale
$1 million plus Buyers Market
West Vancouver Condominium and Townhouses For Sale
$300,000 to $600,000 Sellers Market
$700,000 plus Buyers Market
The above information gives the impression that the real estate market is busy but the total number of sales per month are well below the 10-year average.
This is a brief and accurate summary of where the most activity is taking place by price category. If you would like more specific information about the current real estate market please contact me. I am always happy to hear from you.
Written by Don Urquhart – Vancouver Realtor Since 1987