What’s Happening with Townhouses in East Van?
The townhouse market in East Van has remained pretty steady over the past year and a half, except for a random increase then decrease in January 2018. It’s still technically a Seller’s market, though it’s not a strong as the condo market, which still makes it a good time to jump from a condo to something bigger in a townhouse.
The sales to active ratio is 50% for 1 bedroom townhouses, 26% for 2 bedroom townhouses and 29% for 3 bedroom townhouses.
The HPI Price is $925,800 for townhouse in East Van. The average and median price is $620k ($982/sqft) for 1 bedroom townhouses (there were only 2 sales, which is why the numbers were the same), the average price is $905k ($781/sqft) and median price is $950k ($738/sqft) for 2 bedroom townhouses and the average price is $990k ($696/sqft) and the median price is $950k ($709/sqft) for 3 bedroom townhouses (keep in mind, a lot of 3 bedroom townhouses are leaseholds in South Van, which will bring the averages down). There’s a big difference in price of townhouses when it comes to neighbourhoods in Vancouver.. the closer you get to Vancouver, the more expensive this difference will be… it could easily mean a $400k to $700k difference in price for two comparable style of units, so neighbourhood matters.
Fraserview area will have your best deals, both in leasehold units and freehold units. It’s certainly not as central as somewhere closer to downtown, but the lifestyle is still nice.
Inventory numbers are slowly increasing, with 4 one bedroom townhouses, 27 two bedroom townhouses and 59 three bedroom townhouses. I don’t think we’ll ever see a lot of inventory in this market solely because there aren’t a ton of townhouses built in Vancouver, but we’re back at the levels we saw in 2015. The number of new listings is down this month so it would seem as if there’s some stagnant inventory.
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.
