EAST VANCOUVER TOWNHOUSE MARKET UPDATE – SEPTEMBER 2017
The East Van townhouse market is still a popular market thanks to limited amounts of inventory as there are only 53 townhouses for sale in all of East Van right now, and a big variation in that inventory.
The sales to active ratio is 45% overall, which is about half of this year’s high of 90% but still very strong when you consider that a Seller’s market is generally over 20%. The sales to active ratio was 33% for 1 bed townhouses, 58% for 2 bed townhouses and 32% for 3 bed townhouses.
The average price is $385k ($531/sqft) for a 1 bed townhouse, $967k ($813/sqft) for a 2 bed townhouse and $946k ($642/sqft) for a 3 bed townhouse. Keep in mind that a lot of 3 bed townhouses are on Leasehold Land in South Vancouver, which keeps the costs down. New 3 bed townhouses near Vancouver are usually $1.3-million and up, and can be few and far between. There is a new project at Victoria and E Georgia (near Commercial Drive / Hastings) that is currently selling 3 and 4 bedroom units, though there are only 6 of them, so you have to act quickly! Let me know
if you’re interested in this development.
Take a look at the numbers:
(Orange is 1 Bed Townhouses, Blue is 2 Bed Townhouses, Green is 3 Bed Townhouses and Purple is East Van Townhouses in general)
I’ve had a lot of people recently ask me about duplexes – whether it’s finding a duplex with a mortgage helper (unlikely, but when they do exist, they’ll be small) or buying both sides of a duplex with family or friends (rare because this is usually only possible with a brand new duplex). Keep in mind that duplexes are more expensive than townhouses, and you’ll still need at least $1.1-million to get into the market. Depending on what your priorities are, you might be able to find a detached house in Burnaby for just about the same price as a duplex n Vancouver, so they’re worth considering (and yes, we do work in Burnaby as well).
Don’t hesitate to contact us if you have any questions about buying or selling townhouses in East Vancouver.
Also, be sure to check out our other market updates for East Vancouver: