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There’s no two ways about it. The Vancouver condo market is hot. Benchmark selling prices climbed on both the east and west sides in October, and fewer properties came on the market that month. There were 20 per cent less choices for buyers searching in East Vancouver in October than September; the city’s West Side noted a similar 17.6 per cent drop. The West Side also enjoyed a 5.5 per cent increase in the number of sales over that time period while the East Side noted a drop of close to two per cent.
The 10-year change in benchmark selling prices will have everyone wishing they had purchased a Vancouver condo for investment a decade ago. The East Side October 2015 benchmark is 68 per cent higher than it was in 2005. West Side owners have seen a 62 per cent increase in condo benchmark sale prices in their area.
Of the 76 sales reported between October 31 and November 13, most went for their asking price. The owners to take the biggest hit let their two-bedroom Mount Pleasant home go for nine per cent under its $599,500 list price after 102 days on the market. The owners of a studio in Downtown Vancouver were singing a different tune. After a week on the market, their condo sold for 13 per cent over its $335,000 list price.
Main
This neighbourhood south of Mount Pleasant is within easy walking distance of the funky shops and restaurants along Main Street. There are 10 active listings here including several in the James Walk development, which is currently in preconstruction. Scheduled for completion in 2017, that complex is 90 per cent sold. List prices here range from $874,900 to $909,900.
Coal Harbour
With a location to die for, Coal Harbour is one of Vancouver’s priciest neighbourhoods: the median price of the 135 active listings is a whopping $1,438,000. You might then think that the area’s cheapest listing ($185,000) is a steal of a deal. But, there’s a catch: you can only live here 30 days of the year. It’s a furnished suite in the Marriot Pinnacle Hotel and, quite possibly, a great investment property if not your forever home.
Down the street a ways, you will find the area’s most expensive listing: $19.8 million. On the market since mid-August, this waterfront penthouse has unobstructed views of the ocean, mountains and cityscape.
The most recently reported sale in the area was for a one-bedroom unit in the Harbourside Park complex. After less than a week on the market, it was snatched up for fi ve per cent more than its $549,900 asking price.
Vancouver Condo Market Snapshot: Oct 30-Nov 13
