Radio Interview With News 1130: Grandview and Fraser Real Estate Markets

Last week we joked around with the boys from Stop Podcasting Yourself. This week I did a more serious interview with the local news station, News 1130.

http://www.news1130.com/2014/05/22/part-of-east-vancouver-seeing-spike-in-home-sales/

Dianne Bankay called me to discuss the recent boom in property sales in the Grandview and Fraser neighbourhoods, in East Vancouver.

These areas have seen significant increases in 2014 and their sales to active listings for detached houses in these two areas were over 100% in April. The Greater Vancouver Area as a whole has been slowly and steadily trending upwards over the past 14 months, with the sales ratio rising from 15 per cent in March of 2013 to its current ratio of 19.7 per cent.

One of the reasons for the increase in sales, as I explained to Dianne, is that the inflated West Side market is out pricing many prospective homebuyers. Families and single professionals looking to buy are directing their attention eastward to neighbourhoods like the Grandview and Fraser areas.

Buyers can buy bigger lots at lower prices east of Main Street. There has also been a boom in construction in the Grandview and Fraser areas. Homebuyers are purchasing newer residences, with all of the modern amenities offered by contemporary buildings. Town-homes, duplexes and condos are giving buyers more options and more reasons to look east. The added value is making this region more and more attractive.

Because of this mini-surge, homeowners have been able to increase their asking price. A $50,000 jump has resulted in the average East Vancouver home selling for $915,000. Not bad for those homeowners looking to downsize or relocate.

The increase in value and the absence of affordable living on the West Side, is certainly making the Grandview and Fraser areas a seller’s market.

The second half of my interview with Dianne Bankay will be aired this weekend. We will be discussing home renovations on the East Side and how they are affecting the Vancouver housing market.