East Vancouver Townhouse Market Update – December 2016
The East Van townhouse market has remained steady at it’s current rate since the market changed in August and September. The sales to active ratio currently sits at 36%, which is on average with the last 3 months (and down from the years high of 116% in March). Average price is currently $772k, which is within the same range as it has been since April. Total inventory is currently at 56, which close to the highest point it’s been all year.
The townhouse market is always quite busy in the lower end price segments (up to about $800k) with interest slowing down as you get close to and above the million dollar mark (in part thanks to mortgage requirements for properties above $1-million). This market is still quite under served in terms of inventory. Townhouse complexes offer very few units, and with delays in project approval through the City of Vancouver, it can take quite some time for townhouse developments to be approved and built. One thing to keep in mind: different neighbourhoods in Vancouver offer different stories when it comes to townhouses.
Average Sales Price of Townhouses in East Van
Average Sales Price: Take a look at this graph breaking down the average sales price of 2 and 3 bedroom townhouses. Ironically, the average price of 3 bedroom townhouses was less than the price of 2 bedrooms townhouses ($717k vs $868k). The average price of a 3 bedroom townhouse was brought down by a few Leasehold Sales in South Vancouver, where the price point is considerably less than the Freehold neighbourhoods close to downtown.
This is a market to watch – with mortgage rules restricting the ability of some Buyers to make the jump to a detached house, many will be choosing townhouse living instead.
Don’t hesitate to contact us if you have any questions about buying or selling townhouses in East Vancouver.