East Vancouver Townhouse Market Update – June 2016
The East Vancouver townhouse market had some pros and cons. The pros being the market wasn’t as busy as last month, with the cons being that it’s still really busy.
The sales to active ratio this past month was at 70%, which was down from 116% last month, and the average price dropped from $820k to $777k. Total inventory in the townhouse market is at it’s highest point this year – 39 listings – though that’s still down from the 77 listings we saw at this time last year, and the 135 listings we saw two years ago.
Commercial Drive saw a new townhouse development release units for sale last weekend – Frances on the Drive – which sold out that weekend… units ranged from $593k one bedroom units to $1.25-million 3 bedroom units.
Townhouses in East Van will remain busy as Buyers move up from their 2 bedroom condos into larger 3 bedroom townhouses. Unfortunately, there just aren’t many of these types of properties and the city does a poor job at pushing new developments through the pipeline, even smaller townhouse complexes which have been all the rage in the last few years.
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Don’t hesitate to contact us if you have any questions about townhouses in East Vancouver.