East Vancouver Townhouse Market Update – March 2017
The East Van townhouse market is similar to that of the condo market, for the entry level units on the market, generally up to $1-million. This market will remain busy as it becomes the middle ground between condos and detached houses for Buyers looking for a little more space and the house like feel. Unfortunately, Vancouver doesn’t have a lot of dedicated townhouse-like units (whether duplexes, row houses or larger townhouses) so there isn’t much inventory to go around. Case in point, there are only 2 one bedroom townhouses, 17 two bedroom townhouses and 30 three bedroom townhouses currently available in all of East Vancouver (most of these 3 bedroom units are in Champlain Heights and Killarney, in South Vancouver).
Inventory is fairly high compared to last year, and I hope there are a few more townhouses developments in the works (I’m sure the new Grandview Community Plan will lead to an increase in townhouses, though that’s still a few years away).
The sales to active ratio is 50% for one bedroom townhouses, 18% for 2 bedroom townhouses and 43% for 3 bedroom townhouses in East Van.
The HPI Price for townhouses in East Van is $741,000, while the Average Sales Price is $422k for one bedroom townhouses, $868k for two bedroom townhouses and $946k for three bedroom townhouses. Keep in mind the difference in townhouses prices ranges significantly between neighbourhoods in East Van, between the year it was built and between freehold and leasehold units.
Take a look at some of the stats forgone, two and three-bed townhouses in East Van:
With the detached market being the most approachable (softest) market right now, it is a good chance for townhouses owners to make the jump into detached houses. Not only will you get a good price for your townhouse but inventory is quite high for detached houses so you’ll have some good options to choose from, without as much competition as there was last year.
Don’t hesitate to contact us if you have any questions about buying or selling townhouses in East Vancouver.