The East Vancouver townhouse and half duplex market saw a slight uptick in the total inventory, most of it being new inventory to the market. The sales to active ratio, which was varied throughout 2015, is at 28%. The median price is at $778,000 while the average price is at $681,000. The East Van townhouse market ranges from affordable 1 bedroom townhouses (street level access units in condo buildings) to expensive half duplexes, with a large variation in price between Mount Pleasant and a neighbourhood further from downtown like Fraserview.
Here are some actual REBGV stats detailing the Saves to Active Ratio and Average Sales Price of townhouses and half duplexes in East Van. I separated the graphs this month into existing properties and new construction so you get a sense of how the different types of property perform in the market.
(Green is existing properties, Blue is new construction)
Sales to Active Ratio – New Construction vs Re-Sale:
Average Sales Price – New Construction vs Re-Sale:
This half duplex and townhouse market in East Van will remain busy as Buyers move up from their 2 bedroom condos into larger 3 bedroom townhouses. There isn’t enough inventory to satisfy Buyers, and given that duplexes only have two units and townhouse complexes are typically boutique, this lack of “family focused” units has created a logjam in the market. Hopefully the City of Vancouver can relax their requirements for zoning and development to allow for more larger townhouses and duplexes.
Don’t hesitate to contact us if you have any questions about the market – you need to be knowledgable and prepared to buy if you’re going to be successful.