Filer & Welch Metro Vancouver Blog

Single Family Homes in Vancouver – Market Trends in Eastside vs. Westside

An Ambiguous August in a Summer of Uncertainty

Detached home sales in Vancouver increased in August 2022, after months of declining sales. However, this isn’t enough to say the downward trend of the real estate market is on the rebound. While the total sales volume month-to-month has increased in both Vancouver West and Vancouver Eastside, the inventory in both halves of Vancouver decreased along with the average sale price – with Vancouver West leading at a 12% drop. On average, homes in Vancouver East are selling at 4% below list price while homes in Vancouver West are selling 2% above list price, according to the SnapStats® report. Just when we thought there was a discernible trend, the property market in Vancouver has to shake that up once again. 

Vancouver West

The most active price bands in August 2022 were single-family houses priced $2.25M – $2.5M and detached homes priced $3M – $3.5M.

Similar to the market performance of condos and townhomes in August, Kitsilano is also a leader among the Vancouver West neighbourhoods in detached home sales at 33% sales ratio derived from 12 sales out of 36 inventory properties. Even as the housing market ebbs and flows, Kitsilano does remain a neighbourhood with strong appeal due in part to its younger vibe and prime beachfront. 

Check out available listings of single-family homes in Kitsilano here.

Infographic displaying detached home data in Vancouver West.

Vancouver East

During the month of August, the active price bands were detached homes between $1.25M to $2.25M – averaging a combined 20% sales ratio. The highest sales volume within this price range was for single-family homes priced between $1.5M to $1.75M. Homes within this specific price range sold at a 35% sales ratio. 

In East Vancouver, Killarney’s detached home sales has made it the standout neighbourhood pushing ahead of its peers in volume of sales. Close behind are the single-family home sales of Renfrew, Strathcona, Fraser and Grandview-Woodland, although these are single-digit total sales in a well-established period of struggling property markets. Even amid concerns of inflation, these neighbourhoods have plenty to offer would-be residents regardless of their intent – whether they are looking to raise a family, establish a foothold in Vancouver, or start a new chapter of their lives.

For instance, the neighbourhood of Grandview-Woodland, boasts a vibrant cultural landscape with a mix of single-family homes and attached homes like condos and townhomes. Vancouver’s famed Commercial Drive runs through the middle of this neighbourhood from north to south. It’s well-positioned in relation to different transit services allowing for car-free commutes too.

Infographic displaying detached home sales in August 2022.

Listings in Killarney VE, Vancouver East

Vancouver, Fraser Valley and Chilliwack MLS® Reciprocity Brought to you by your friendly REALTORS® through the MLS® System, courtesy of Baxter Welch for your convenience.
Disclaimer: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.