The townhouse market in East Van has a slow month compared to the rest of the year, with a sales to active ratio of about 30%. This is nearing a balanced territory for Buyers and Sellers, which is good to see considering that this has been a tough market to get into. The average inventory for East Van townhouses was better in 2017 than it was in 2016, and though it dropped in December it ended the year on a high note. Like the condo market, the 3 bedroom townhouse market is slightly skewed by Leasehold properties in Fraserview, which are quite a bit cheaper than any freehold property closer to downtown.
The average sales price of townhouses in East Van is about $740k for 2 bedroom units and $1.09-million for 3 bedroom units. The price of 1 bedroom units is skewed due to some luxury townhouses only have one bedroom, and a lack of 1 bedroom townhouses in general. The average price per sqft is $669/sqft (median is $632/sqft) for 2 bedroom townhouses and $832/sqft (median is $877/sqft) for 3 bedroom townhouses.
Like the condo market, the new mortgage rules may make it a bit tougher for townhouse owners to jump into the detached house market, and if that jump doesn’t happen, there won’t be many townhouses for condo owners to move up into, so we might see a slight stall in the market. Thankfully for townhouse Buyers, the City of Vancouver is relaxing some zoning regulations to allow for a few more townhouses/row house complexes, so we should continue to see land assemblies leading to eventual townhouses complexes, with the caveat that it will take years for the finished product to be available.
Take a look at the numbers:
Total Inventory – East Van Townhouses:
Average Sales Price – 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. Click Value My Home if you’re interested in learning what your current home is worth and what you can do to ensure all the pieces fall into place.
Don’t hesitate to contact us if you have any questions about buying or selling townhouses in East Vancouver.
