Kitsilano Real Estate Market Update Blog – April 2018
Hello LiveKitsilano.com readers! I hope you had a wonderful long weekend. Our team managed to get a bit of time off but we’re back at it with a handful of new listings coming out, this week and next.
The market is moving along as usual. It doesn’t feel as frantic as it has been, but the numbers say the market is still quite active. Nice listings are still selling quickly and with strong prices – we recently sold a 2 bedroom Kitsilano townhouse and a unit in a 4-plex in multiple offers, and can attest to the market still being busy! Detached Houses still have a lot of interest from Buyers, though this is a bit more of a Buyers market so properties don’t necessarily sell as quickly. I’m seeing a mix of newer houses and older houses, and typically some negotiation room for Buyers.
The number of sales in Kitsilano for detached houses and condos has been increasing steadily since it’s lowest point in January, so the Buyers are out there, but inventory is still too low to really satisfy Buyer demand. Aside from some slight increases or decreases, the inventory for each market in Kitsilano has remained generally the same since 2016.
Overall, prices did increase this past month (as usual). Prices for condos and townhouses in Kitsilano have increased steadily over the last few years, while the detached market has had a few more ups and downs (it was much more affected by the Foreign Buyers Tax and various mortgage changes) though interest in houses is currently on an upward swing. With the sun shining in Kitsilano over the next few months, we’re going to see a renewed sense of energy from Buyers and lots of units with great outdoor spaces hit the market!
The mortgage world is as complicated as ever, so you need to ensure you have a good broker on your side. There are still great interest rates to be had and a little creativity in how your finances are arranged can make a big difference in your approvals. Don’t hesitate to talk to our preferred mortgage brokers if you’re just starting to look, or aren’t satisfied with the advice you’ve already received.
Aside from a relaxation in the Speculation Tax, I don’t expect to see any other Government or Mortgage Announcements in the next while, so the market should remain pretty stable. We are still seeing different pricing strategies out there, and Buyers need to have a good idea of a unit’s value and how to win in multiple offers.
Read on for more information about each market. The market stats in this report are based on March data.
Kitsilano Condo Market Update:
The Kitsilano condo market is still the most active market in Kitsilano, and with an 87% sales to active ratio to prove it (anything over 20% or so is a Seller’s Market). Breaking this down and we get 78% sales to active ratio for one bedroom units, 87% sales to active ratio for two bedroom units and 150% sales to active ratio for three bedroom units, though the 3-bedroom market is so small that the numbers can vary greatly every month.
The number of sales increased last month over the months before, which shows some renewed energy from Buyers. There were 18 one bedrooms sales, 13 two bedroom sales and 3 three bedroom sales.
The average price was $653k ($1006/sqft) for one bedroom units, $939k ($1003/sqft) for two bedrooms units and $2.063-million ($1405/sqft) for three bedroom units.
There aren’t many newer buildings in Kitsilano, though there is a new building called West 10th and Maple by Pinnacle International that was completed last year, so we’re starting to see a few brand new units available in the neighbourhood, and I’ve seen a few luxury townhouse developments that have also recently finished giving home buyers a few options that aren’t very common in Kitsilano.
If you haven’t already been pre-approved for a mortgage – now is the time to do so. You’ll have enough time to embrace the “Spring” real estate market which is typically the busiest market with the most number of active listings, which means you should have some good options to choose from, and can be moved in by the summer. We always recommend our preferred mortgage brokers.
I’m always here is you have any questions or what to know what you can expect given your budget and preferences: [email protected] or 778-387-7371.
Kitsilano Townhouses Market Update:
The townhouse market in Kitsilano is a busy thanks to desire from families to move into something bigger and more family oriented than a condo. The sales to active ratio is 25% for two bedroom townhouses and 40% for three bedroom townhouses, though talking from experience, Buyers who are interested in buying in this market are eager and submitting strong offers. The days on market tis about 7 days, which means offers are going in subject free.
The average price is $1.257-million ($1112/sqft) for two bedroom townhouses and $1.849-million ($1164/sqft) for three bedroom townhouses in Kitsilano. There were only 3 two bedrooms sales and 2 three bedroom sales, which is quite low compared to the number of sales in each month let year. Inventory has been pretty steady over the last year.
One detail to note is that many of these two bedroom townhouses can function as a three bedroom townhouse as they often have a den or loft space that can be used as a bedroom, though isn’t considered one on MLS.
I don’t expect this market to change. With detached houses being priced significantly higher and out of reach for many families, and downsizers downsizing from larger houses, this market should remain busy for the foreseeable future.
Let me know if you have any questions about this market: [email protected] or 778-387-7371! If you’re interested in buying, I can tell you what type of unit you can expect and how to prepare for competition, and for Sellers, I can ensure your property is marketed to appeal to the right Buyers.
Kitsilano House Market Update:
The Kitsilano Detached House Market had 11 sales, a majority of which were older character houses generally requiring a bit of renovation, though we currently have an accepted offer on a new construction house in we have listed in Kitsilano: 3468 W 14th Ave. The average sales price was $2.787-million ($1033/sqft). Inventory dropped compared to February, even though at this time of year it typically rises. It will be interesting to see if inventory does go up as I expect it to throughout the Spring.
The sales to active ratio is a solid 24%, which is a big increase from last months 8% so this market is not showing any signs of slowing after the NDP’s new changes were announced, though properties are typically on the market for about a month, and sell for under their asking price. If there’s a property you’re interested in, negotiating can net you a great purchase.
I find that we have a lot of House Buyers who are looking for a nicely renovated Character home in Kitsilano, which are few and far between. Buyers are out there, they’re just patiently waiting for a few more options.
Staging is still really important in a sale, as well as pricing strategy and how offers are handled, so give us a call to chat through all of the possibilities. Send me an email at [email protected] or give me a call at 778-387-7371.
Kitsilano Real Estate Statistics
Keep in mind that the numbers vary depending on location and types of properties, so if you would like more information on a particular type of home or neighbourhood, let us know and we’ll give you the stats.
(Green is Detached Houses, Blue is Townhouses, Orange is Condos)