As seen in...
May condo sales were healthy on both Vancouver’s East and West Sides, but neither could match the pace of some of the neighbouring municipalities where growth continued to defy the odds. West Side sales were up 2.7 per cent over April, and May 2016 outdid May 2015 by 12 per cent. Things were definitely cooling down on the East Side though. Sales there were off by 6.7 per cent compared with April and by 6.6 per cent compared with May 2015.
Change is afoot in this southwest Vancouver neighbourhood where the Canada Line’s impact is being felt. While many of the condos are in older walk-ups, there are a number of luxury homes also on the market. The area’s active listings start $236,800 for a one-bedroom in Cartier House (41 years old) that came on the market May 31 and reach $2,098,000 for a two-bedroom in Marine Gateway (one year old).
May neighbourhood sales indicate most properties going for close to list price but a healthy number going for over asking. This includes three two-bedroom homes in the brand new MC2 where original owners walked away with offers three, five and nine per cent over their list prices.
This neighbourhood is a favourite with those commuting to both downtown and Burnaby. With over 30 active listings, it’s also a great place to search for a new condo. Prices start at $219,000 for a recently listed studio in The Centro. The priciest area option is $585,000 for a two-bedroom in Kingsway Manor that’s been on the market for close to a year.
There were wide variations in list versus selling prices here in May. These ranged from eight per cent under (a one-bedroom in The Millenio asking $358,000) to nine per cent over (a two-bedroom in the same complex with a list price of $350,000).
For a full summary of the Vancouver condo market in May 2016, check out our infographic below.