East Side Selling Soars
Vancouver’s East Side is fast becoming the latest real estate trend as more and more buyers are snapping up apartments, condos, townhouses, and detached homes. According to a recent Royal LePage survey, East Side property values have increased 2.4% over the last year with the average detached home increasing from $825,000 to $845,000. And, more and more homes are selling for over the asking price.
So, why is this happening?
East Side neighborhoods are improving with new developments geared towards families and first time buyers. Trendy neighborhoods such as Main Street and Fraser Street are becoming new hangouts for the young and hip. Not to mention the West Side is significantly more expensive. A buyer can purchase a condo for $700,000 on the West Side or can get an older detached home with a mortgage-helping basement suite on the East Side for the same price. East Van dwellings are moving fast and holding their market value. For the economically conscious buyer it is a no-brainer; the East Side market is HOT!
– The Flüffians