Vancouver Condo Market Snapshot: April 2016

Jill Lunde
May 24, 2016

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The heat is on – but perhaps it’s not as hot as you think. Condo sales dipped in April, despite all the feverish buying you likely heard about over the water cooler. Sales on the city’s East Side were off by six per cent in April compared with March. But the West Side took a bigger hit. Sales there were down 18 per cent.

Don’t let the downturn make you think sellers are willing to entertain low-ball offers. While some condos did change hands for less than list price, April saw one East Side seller accept an offer 33 per cent over while one West Sider walked away with an astounding 45 per cent over and above their asking price.

Point Grey

Who wouldn’t want to live in this much-admired neighbourhood close to UBC? If it’s the place you want to be, there are just a handful of active condo listings starting with a one-bedroom in The Grey Point for $390,000 and going to $2,588,000 for a three-bedroom in Highbury Residences.

Four Point Grey condos in our reports changed hands in April. Three went at or below list but the outlier tells the story of many homes that defy reason when it comes to Vancouver real estate. The owners of this two-bedroom condo in Highbury Tower must be gloating: it was their home that sold for 45 per cent over its $929,000 list price. 

Knight

The Knight district stretches along the street it’s named for between 16th and 49th avenues. There are three active listings in the neighbourhood: one in Kingwood Villa and the other two in Kensington Point. The Kingwood Villa home is the most affordable option; it’s a one-bedroom asking $359,000. The priciest choice is the two-bedroom in Kensington Point listed for $489,000.

Five of the area’s April sales were in the King Edward Village complex. One owner here let their one-bedroom home go for two per cent less than its $349,900 asking price after only six days testing the waters. Meanwhile, a neighbour left their two-bedroom home on the market one day longer and accepted an offer 18 per cent over their $458,900 list price.

Vancouver Condo Market Snapshot