An Update on the Townhouse Market in East Van
The East Van townhouse market has been quite busy the last month, likely in part due to the new mortgage rules that kay have made houses a bit ore unaffordable for some Buyers. However, there are some opportunities in the market, so don’t fret, and consider all your options (like #24 4319 Sophia!).
The sales to active ratio was 38% for 1 bed townhouses, 19% for 2 bed townhouses and 150% for 3+ bed townhouses. That’s a big difference between these markets and shows that there are still some opportunities in this market.
The average price is $709k ($1017/sqft) for 1 bed townhouses, $855k ($845k/sqft) for 2 bed townhouses and $959k ($653/sqft) for 3+ bed townhouses. Prices for townhouses changes quite significantly fro month to month, mostly due to a variety of inventory across a variety of different neighbourhoods. You can find some really affordable townhouses in South Vancouver, and there is a a big mix of new and old condos that ca really affect average prices. If you’re curious about this market, let me know and I can give you an idea of what’s affordable to you within your budget.
Inventory has been fairly steady for townhouses, though it’s dropped for 1 bed townhouses compared to last month.
Take a look at the numbers:
Total Inventory – East Van Townhouses:
Sales to Active Ratio – East Van Townhouses:
Average Sales Price per SqFt – East Van Townhouses:
If you haven’t already contacted your mortgage broker about your desire to get into a townhouse, do so ASAP thanks to these new mortgage rules. Whether you’re a first time buyer or a needing to sell your condo, knowing what it will take to make the jump into a townhouse will be helpful in making a decision. Contact us if you’r interested in learning what your current home is worth and what you can do to ensure all the pieces fall into place.
Contact me if you have any other questions, or want to chat about your options: [email protected] or 778-387-7371.
