3 Bedroom Units in East Vancouver

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What to expect when looking for a 3 bedroom condo in East Van

I have a lot of people ask me about 3 bedrooms units in East Vancouver (really, across Vancouver). Unfortunately, I don’t always have good news for the person asking. Due to a number of factors, 3 bedroom condos can be really hard to find in East Van, and 3 bedroom townhouses are often pretty expensive. Keep in mind that a “bedroom” in Vancouver should have a window and a closet.

One of the biggest reasons why 3 bedroom condos are hard to find in Vancouver is because a Developer will typically make more money selling a ton of 1 bedroom condos, rather than a few 3 bedroom condos. Recently, the City has instituted a requirement that a certain number of units in a new condo building be “family sized”, which means at least 25% of units in a new building must be 2 bedroom units and 10% of units must be at least 3 bedroom units. Unfortunately there’s no cap on the price of these units, so it’s quite common for these 3 bedroom units to be very expensive and still quite small in square footage.

This is my guess, but I’m sure another reason why there aren’t a ton of 3 bedroom units across the city is back in the 1970’s and 1980’s, most families who needed at least 3 bedrooms could afford a house, whereas condos were for single folks and small families.

There have been a number of townhouse complexes developed in East Van in the last few years, and they often have 3 bedroom units available, but due to the developments small number of units, they often sell out really quickly, and are priced fairly high (thanks to a great location and the modern build).

Once a family owns a 3 bedroom unit, they can often live in the home for a number of years, so I find 3 bedroom townhouses are often sold less often, and with fewer listings, it can be harder for new families to find a unit unless more are built.

Finally, most of the 3 bedroom condos that are available are very expensive. I just did a search on MLS for 3 bedroom units in East Vancouver, and of the 128 current listings that came up, only 36 of them are under $1-million, and only 10 of those are under $700,000. Wow.

Here’s hoping the Government is supportive of further development of family sized condos and townhouses, and can somehow keep the prices to a more reasonable number.

 

 

Here is a quick description of some (currently for sale) 3 bedroom condo or townhouse options are in Vancouver so you can get an idea of what’s available.

  • Some of the most affordable 3 bedroom units that came up in my search are in Champlain Heights and Fraserview (south east Vancouver near Boundary Rd), which happens to be home to a number of Leasehold properties. Leasehold properties are a different style of ownership that isn’t for everyone, and can be harder to secure mortgage approval.
  • The new development called Kensington Gardens at Kingsway near Victoria has a few 3 bedroom units, though given that the Complex is just about sold out, the units available are Assignments of Contract, which require a larger amount of cash in order to purchase, which makes them out of reach for many Buyers.
  • Occasionally we’ll see a few 3 bedroom condos come up in CollingwoodKillarney or Renfrew for under $700,000, though they often sell really quickly and in multiple offers, so you have to be on top of new listings in order to have a shot.
  • East Van has a number of boutique townhouse developments, Mount Pleasant, Main, Victoria (near Trout Lake), Hastings-Sunrise, Fraserview and Knight have a number of these style of buildings. These units are often close to or above $1-million, though year built and size have a big impact on price, among other details.
  • Multiplex style developments (including duplexes) will often have 3 bedroom units, though the fewer units in the complexes, generally the more expensive the units can get (and for good reason, you’re sharing the lot with fewer owners and will typically have a larger unit in a smaller complex). These developments are quite common in Grandview, and Mount Pleasant, though you can find them in a number of neighbourhoods. These units are close to or above $1-million.

Let me know if you have any questions about 3 bedroom condos or the market in general. Having a good idea of what’s available to you given your requirements and price range is a good first step in finding your next home.