East Van Townhouse Market Update for July 2018
The townhouse market in East Van is still not as strong as the condo market, which makes it a good time to make the jump from living in a condo to living in a townhouse (and similarly, the detached market is the weakest market making it a good time to jump from a townhouse to a house, especially when you consider the benefit of the income you get in a detached house mortgage helper).
The sales to active ratio for townhouses is 50% for 1 bedroom townhouses, 36% for 2 bedroom townhouses and 24% for 3 bedroom townhouses.
In June, the average price (average price per sqft) and median price (median price per sqft) was:
Studios + 1 Bedrooms: $832,000 and $832,000 ($1,152/sqft) ***there was only 1 sale this past month, so the state is skewed
2 Bedrooms: $853,438 ($737/sqft) and $848,500 ($816/sqft)
3 Bedrooms: $969,271 ($621/sqft) and $1,018,500 ($761/sqft) ***note that these numbers also include Such Van leasehold units, which bring the average down
Inventory dropped slightly compared to last month, as did new listings, so this market isn’t offering Buyers a ton of (good) options. The months with the highest inventory are typically April/May and September, so if you don’t see anything good this summer, be prepared in the fall, though this market always lacks the amount of inventory that would satisfy the demand (give it a couple years before the City of Vancouver’s new zoning policies kick in and allow for more “family” sized units”).
Fraserview still has the cheapest options for Buyers and offers a nice lifestyle, though it isn’t very central to downtown. Hastings, Renfrew and Victoria are also great for families looking for a townhouse style unit.
Give me a call at 778-387-7371 or shoot me an email at [email protected] if you have any questions about the market, or want to chat about buying or selling.
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