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Go east young buyers: the West Side of Vancouver’s average asking price is almost two and a half times that of the average East Side condo. If that’s not enough to persuade you to explore east of Main Street, perhaps this will motivate you…. 22 per cent of condos sold on Vancouver’s East Side between September 5 and 18 went for over asking; on the West Side it was a massive 44 per cent.
Indeed, Vancouver defied the trend seen in most other parts of the region when it came to sales. While only one home in neighbouring Burnaby and three in Richmond went for more than their list price during this same period, 29 of 76 Vancouver sellers accepted offers over asking. A further seven sellers settled for their list price.
The lowest sale price during this time was ironically in toney Shaughnessy. After nine days on the market, this one-bedroom home went for $167,000. At the high end, was a three-bedroom Qulichena property whose owner accepted an offer of $2,388,000.
While the listing price difference between the East and West Side is vast, things do even out a bit when you take luxury properties (those with asking prices over $4 million) out of the equation. Without these listings, the average asking price for a West Side condo falls to $814,161 – still about double that of the East Side.
If you want to talk luxury, there are 38 condos with list prices in excess of the $4 million mark. All but one were concentrated in the Coal Harbour, Yaletown, West End, and Downtown neighbourhoods. Coal Harbour takes the prize for the most expensive listing. At $19.8 million, this three-bedroom, 6,018-square-foot, seven-year-old home had been on the market for 38 days at press time.
Looking for something lavish but on the more affordable side? Within easy walking distance of Yaletown, you’ll find East Vancouver’s most expensive listing. The two-bedroom, 1,335-square-foot home at Onni Group’s Central is brand new and listed at $1,650,000. The building boasts distinctive architecture, excellent proximity to Skytrain, and is right across the street from Science World and Southeast False Creek. As of press time, nine additional units were also listed for Central, with asking prices beginning at $639,900 for an 890-square foot, two-bedroom home.
Vancouver Condo Market Snapshot
