Week 17 – Weekly Vancouver Real Estate Update

Sales eased in the last week. Falling from 328 to 317. This was the 3rd week out of the last 5 that sales have fallen since hitting an all-time record (373) in Week 13.

New listings backed off a little from their peak of 599 in the previous week to 562 this past week. The result is that overall active listings rose to 3,485 (a high for 2021)…and months-of-inventory edged higher to 2.75 (from 2.55).

It’s clear that the overall market is seeing some easing off of the intensity that was present throughout the record-setting month of March. There are no signs of a correction at this point…it’s simply a normal shift in the market.

Make no mistake, the market remains (overall) a very strong seller’s market. We are seeing natural ebbs and flows from week to week when we look at each micro-market…but it’s the overall market direction that’s most important.

The hottest market in the last week was...

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I have sold a property at 215 1422 3RD AVE E in Vancouver.
Extensively updated 2 bd condo in a high-quality building just off the Drive. Corner unit with just 1 shared wall + quick access outside + common garden. Countless updates incl. newer kitchen (tile backsplash, stone counters, cabinets, appliances) + new bathroom (everything new), fresh paint, built-in cabinets, light fixtures, + new doors. Large principal rooms (yes, a King WILL fit) + a winter mountain view. Parking (car + bike) inc. BUILDING: A SOLID rainscreened building, windows + balconies (2002), pipes (2012), elevator (2015), fencing (2017), membrane updates (2016) + large CRF. 2 dogs/3 cats OK. 10 rentals allowed (at max). NEIGHBORHOOD: At the heart of the Drive. Skytrain (Commercial or VCC) + B-Line 10 min walk.
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Week 16 – Market Update

Sales held steady from the previous week while overall listings increased. We had 328 sales vs 329 the week before. New listings jumped up to 599 from 550. And overall listings increased to 3,350 from 3,196.

Where does that leave us? Still in a very hot seller’s market. We have an overall months-of-inventory of 2.55 edging just slightly higher from a week before at 2.43.

The hottest area of the city continues to be East Vancouver (for all property types). However, it’s East Van condos (1.52 MOI) and townhouses (1.39 MOI) that are seeing the most demand of any micro-markets in the city.

Downtown Vancouver is seeing a little bit of a lull in demand. Both townhouses (6.38 MOI) and condos (3.29 MOI) saw the most substantial change in their months-of-inventory…but really, that’s mainly due to more listings coming online rather than a significant drop in demand.

…and that’s really a seasonal pattern that we can expect at this...

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I have sold a property at PH3 936 BUTE ST in Vancouver.
Looking for something out of the ordinary? Look no further. This is definitely NOT your typical cookie-cutter condo. This 1 bd + den is packed full of character with lofted ceilings, plenty of light, a cozy wood-burning fireplace + a generous + private balcony. The main encompasses an open-plan living/dining space along with a newly renovated kitchen (DW inc). There's a luxuriously large bathroom + insuite laundry, too! Upstairs is a big open bedroom, giant walk-in closet + a comfortable den that's ideal as a home office (or nursery?). BUILDING: A worry-free boutique building that updated the parkade membrane and roof in recent years. NEIGHBORHOOD: In the heart of the West End with Denman and Robson within easy reach as well as English Bay and Stanley Park.
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I have sold a property at 3005 4808 HAZEL STREET.
CENTREPOINT. Burnaby's Tallest Residential Building you can see for miles. Across from Metrotown Shopping. Views of Downtown, North Shore Mountains and beautiful views of Deer lake from every room. 2 bedrooms plus Den. 2 full bathrooms, Insuite Laundry, balcony. Architecture Interior designed by world-renowned ceccani simone inc. Modern Kitchen with granite slab countertops and island with GE Gas stove, porcelain tile flooring in entry and kitchen and bathrooms. St Paul Guarantee insurance company providing coverage for up to 2/5/10 years. Whole Home Internet and Networking, pre-wired security system. Covered Skywalk to Metrotown. NO GST, Ready to move in.
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I have sold a property at 1602 4028 KNIGHT STREET.
Welcome to King Edward Village! Spacious SW facing 2 BR plus 2 bath CONCRETE SUB PENTHOUSE home overlooking a vibrant city view. Features include stainless steel appliances, granite countertops, ceramic tile flooring, insuite washer/dryer. Great location. Minutes to downtown. Close to transit & future grocery shopping at your doorstep. Brand new. New 2-5-10 year home warranty. No GST! Move in today! Call for details! Open House Sat Mar 7th, 1-3pm.
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I have sold a property at 1602 4028 KNIGHT STREET.
Welcome to King Edward Village! Spacious SW facing 2 BR plus 2 bath CONCRETE SUB PENTHOUSE home overlooking a vibrant city view. Features include stainless steel appliances, granite countertops, ceramic tile flooring, insuite washer/dryer. Great location. Minutes to downtown. Close to transit & future grocery shopping at your doorstep. Brand new. New 2-5-10 year home warranty. No GST! Move in today! Call for details! Open House Sat Mar 7th, 1-3pm.
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I have sold a property at 105 1899 STAINSBURY AVENUE.
THE WORKS - contemporary townhome at Commercial & Stainsbury. 2 bdrm plus, 2 bath located in hip & hot neighbourhood. Close to all amenities - The Drive, skytrain, recreation/park (John Hendry & Trout Lake), all levels of schools & much more. Quality fixtures throughout with Kitchenaid stainless steel kitchen appliances, granite countertops, & hardwood floors on main level. Act now! Completion estimated to be early July 2008.
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