VANCOUVER (NEWS1130) – The real estate market in Vancouver always seems like it is hot. But one area of East Vancouver has been seeing a spike in sales in the last year.
People living between Kingsway and 49th and Main and Knight Streets have seen a lot of movement in the neighbourhood.
“You are getting some newer properties built there. Some duplexes, townhomes and homes are being built and you are getting good value from that area because it is a new and upcoming area,” says realtor Anthea Poon with Remax Select.
She says it is a seller’s market there right now because there are more buyers than homes.
“What you are seeing is that people are getting priced out of the west side market and these buyers are seeing there is better value on the east side. You are seeing a shift in location and that is why you are seeing better amenities and that is what is trending.”
Poon says in the last year, the area had a 108 per cent sales ratio, which is far beyond the greater Vancouver rate of about 20 per cent.
She says the average home price in East Vancouver has jumped almost $50,000 in the last year to $915,000.
The average price home price in Downtown Vancouver is now $493,000, up from $467,000 last April. West Vancouver’s average home sale price has also gone up since last April from $2.18 million to $2.28 million.