East Vancouver Townhouse Market Update – August 2017
The townhouse market in East Van is still quite busy, though it’s down from it’s peak in April. The overall sales to active ratio is 55%, though it’s 33% for 1-bed townhouses, 35% for 2-bed townhouses and 66% for 3+ bed townhouses. Keep in mind that it’s a Seller’s market above about 20%, so expect competition if you’re looking for a townhouse.
The HPI Price for all townhouses in East Van is $854,900, though if you’re looking to buy a freehold property, one with more than 2 bedrooms and in a location close to downtown, you’ll need to be ready to spend quite a bit more. Average price (and the average price per sqft) is $340,000 ($492/sqft) for 1-bed townhouses (there was only 1 sale, so the numbers are skewed), $973.983 ($912/sqft) for 2-bed townhouses, $996,800 ($740/sqft) for 3-bed townhouses. Note that most of the 3-bed units are further from downtown and often leasehold units, which is cheaper than a freehold unit (a simple estimate would be about $500/sqft for leasehold and over $800/sqft for freehold).
Inventory levels have remained steady over the last few months, though they’re historically low. There are 3 one bed townhouses for sale, 17 two bed townhouses for sale, 33 three bed townhouses for sale.
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)
Sales to Active Ratio – 1 Bed vs 2 Bed vs 3 Bed Townhouses in East Van:
Total Inventory – 1 Bed vs 2 Bed vs 3 Bed Townhouses in East Van
Average Sales Price – 1 Bed vs 2 Bed vs 3 Bed Townhouses in East Van
There aren’t a *ton* of townhouses available in East Van, and with detached houses still climbing in price, townhouses are a good option for a lot of families. Our Custom MLS Search is a great tool to use if you’re in the market for an East Van townhouse, so contact us if you want to be notified if any townhouses within your price range hit the market.
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-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).