East Vancouver Townhouse Market Update – July 2017
The townhouse market in East Van had an overall sale to the active ratio of 70%, which breaks down to 50% for 1 bedroom townhouses, 69% for 2 bedroom townhouses and 74% for 3 bedroom townhouses. This is the highest it’s been since the first half of 2016.
Looking at inventory levels, they’re on the higher side compared to the average over the last couple of years, with 60 townhouses on the market overall: 4 are one-bed units, 16 are two-bed units and 34 are 3-bed units. Keep in mind a lot of these 3-bed units are on leasehold land in Champlain Heights / Killarney.
The average sales price for townhouses is $990,072 across East Van, which breaks down to $512,000 for 1-bed units, $998,647 for 2-bed units and $1,016,396 for 3-bed units. Prices have been trending upwards, with a little bit of fluctuation thanks to the low number of data points contributing to the average (i.e. one abnormally high sale can easily skew the numbers).
Take a look at the numbers:
(Orange is 1 Bed Townhouses, Green is 2 Bed Townhouses, Blue 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:
Total Inventory – 1 Bed vs 2 Bed vs 3 Bed Townhouses:
Average Sales Price – 1 Bed vs 2 Bed vs 3 Bed Townhouses:
There aren’t a *ton* of townhouses available in East Van, and with detached houses still climbing in price, they’re a good option for a lot of families, so when these townhouses hit the market, they can get snapped up pretty quickly. 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 due to zoning restrictions) 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 over $1-million to get into the market.