Vancouver Condo Market Snapshot: January 1-15, 2016

Jill Lunde
January 29, 2016

As seen in...

Westcoast Condominium

Nothing says good news to a seasoned condo hunter than an influx of new properties to view. And that means there is plenty to celebrate with 271 of Vancouver’s 770 active listings having come on the market in 2016. These new listings range in price from $278,800 for a one-bedroom in Zoey in the Hasting East neighbourhood to $6.75 million for a three-bedroom luxury home in The Charleson in Downtown. With a median price of $656,000 for these most recent listings, there’s something for every budget.

Taking a quick look at 35 recent sales in Vancouver, more than half were for properties that spent less than 10 days on the market. Their owners accepted offers anywhere from two per cent under asking to 10, 11, 12 and 14 per cent over list. The biggest margin of difference was for a one-bedroom unit in Yaletown Park 2 that sold for over $65,000 more than its $449,900 list price.

Mount Pleasant

It’s one of Vancouver’s hottest neighbourhoods, and, according to this issue’s investment column, perhaps the best Lower Mainland market for condo investors. Almost half the area’s 30 active listings started sporting their for sale signs in 2016. They include a one-bedroom home in Prince Edward Place for $339,000 up to $1,085,000 for a two-bedroom unit in Creekside.

The owners of a one-bedroom condo in The District had a chaotic holiday period. They listed their home December 28 for $420,000 and accepted an offer of $456,000 a week later – nine per cent over their asking price.

University Endowment Lands

Far from the (downtown) madding crowds, the Endowment Lands community is a world unto itself. There are 86 active condo listings here and, with several price tags over a million dollars, they’re not all looking for student owners. A review of the 33 properties that have come to the market in 2016 shows that these new listing prices start at $388,000 for a one-bedroom in Pemberley to a lucky $1,777,700 for a two-bedroom Folio penthouse.

The Laureates, a new development under construction in the neighbourhood, enjoyed two recent sales. Both units sold for their list prices on January 5: $1,088,000 and $1,148,000. 

vancouver Condo Market Snapshot