Vancouver

Vancouver Condo Market Snapshot: March 2016

Who’s the hottest market of them all?

By
REW.ca
April 18, 2016






Vancouver-monthly-stat

As seen in...

Westcoast Condominium


For sheer volume, Vancouver is hard to beat when it comes to condo sales. And it’s not too shabby when it comes to percentage gains either. Vancouver’s West Side owners no doubt appreciated seeing March sales rise 24 per cent over February. But it was the East Side that won the battle of the month-to-month analysis, as unit sales there were up 50 per cent in March.

If you would rather compare longer-term trends, the prize goes to the West Side. Sales from January to March 2016 were up 35 per cent over the same period in 2015, while the East Side noted a modest increase of less than four per cent.

Making the Vancouver market even more cutthroat is the number of listings. There was only 0.7 per cent more of these on the West Side in March compared with February and close to two per cent fewer on the East Side.

Yaletown

This historic neighbourhood is one of Vancouver’s most sought-after areas with 79 active listings; more than half of which were new to the market in March. The cheapest condo at the time of writing is a one-bedroom in Pacific Promenade that was listed February 1 for $429,900. Of course, homes here can have stratospheric price tags. The most expensive current listing is $8.9 million for a four-bedroom in Kings Landing.

March was kind to Yaletown sellers with well over 60 properties changing hands last month. Accepted offers ranged from 11 per cent under asking (a three-bedroom in Pacific Plaza that sold for $1,588,888) to 23 per cent over asking (a one-bedroom in Yaletown Park 3 that closed at $576,000).

Fraser

This East Side neighbourhood is a mix of residential homes and eclectic shops. There are six active condo listings as of early April, beginning at $330,000 for a two-bedroom in Kingsgate Manor to $429,000 for a one-bedroom in the Century development.

Two Century condos sold in March. One, a one-bedroom listed at $429,900, took a week to sell for six per cent over asking. The other, a two-bedroom unit listed at $598,000, also took a week to sell. It went for $662,300 – 11 per cent over asking.

Vancouver Condo Market Snapshot


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