East Vancouver Townhouse Market Update – March 2018
The townhouse market in East Van has been quite busy thanks to house becoming a bit out of reach for some Buyers. Our team has this unit at 4319 Sophia – a great complex in an incredible location on Main St. It has a bit of an unusual floor plan (2 bedrooms below and 1 bedroom above) so it hasn’t garnered a ton of interest but it would be an opportunity for a Buyer to purchase a unit in a solid complex with subject clauses and some time for due diligence.
The sales to active ratio is 65% for 2 bedroom units and 26% for 3 bedroom units, both are a Seller’s Market (which is any market with a sales to active ratio higher than 20%).
Total inventory for 2 bedroom townhouses has been somewhat high since November, but inventory dropped this past month. Inventory for 3+ bedroom townhouses was low last month but is on the rise. There are always new townhouse complexes released for sale, though they do tend to sell out quickly since the complexes don’t have many units.
The average price was $987k (up from $869k last February) for a 2 bed East Van townhouse and $1.165-million (up from $915k from last February) for a 3+ bed townhouse. I expect this market to remain busy as home owners move up from their condos to fit their growing families, or combine two incomes. I find a lot of Buyers looking for a townhouse prefer something that is either renovated or new as they usually have a young family to consider and not a lot of extra cash available for the projects. For Seller’s out there, it might be worthwhile to consider a reno before selling to make your property especially appealing – talk to us if you have any questions.
For Sellers out there – Make sure you’ve talked to your mortgage broker. Buying a new property and selling your current property requires some finesse in the process, and knowing what you can afford in your new property and whether or not you can buy before selling will make big difference. You may also be surprised what you can afford if you consider houses with mortgage suites, or if you look a little further out than your ideal neighbourhood.
For Buyers out there – Get your pre-approval from a solid mortgage broker, and give us a call if you want to chat about the different types of townhouses, where you can generally find them, and what to expect with regards to floor plans, construction and prices. I find a lot of townhouses may feel small since the space is separated over multiple levels, but you have to consider the separation as a bonus and use appropriate furniture to really show off the space.
Contact me if you have any questions about the buying or selling process, or want to chat about your options: [email protected] or 778-387-7371.
Take a look at the numbers (based on February 2018 data):
Total Inventory – East Van Townhouses:
Average Sales Price – East Van Townhouses:
Average Sales Price per SqFt – East Van Townhouses:
