What’s Happening in the East Van Townhouse Market?
The townhouse market in East Vancouver is similar to the condo market (a Seller’s market), though with less inventory (and most of it at a higher price point) it does have it’s differences. The sales to active ratio is 22% for townhouses in East Van, but breaking that down we get a 100% sales to active ratio for one bedroom townhouses, 60% for two bedroom townhouses and 16% for three bedroom townhouses.
Inventory in January was at 36, which is lower than most of last year, and quite a bit lower than the previous few years as well. We do see new townhouse complexes be approved for development, but with 5 to 16 units in each, they can sell out quite quickly. The number of days on market is at 42, which is a curious number given how busy the market is, but taking a look at current active listings, there are a handful of properties in South Vancouver (often leaseholds) that have been on the market for a while, including the last remaining (and fairly expensive) units left over in some “under construction” developments in Vancouver.
HPI Price for Townhouses in East Van
Take a look at the HPI price for townhouses in various neighbourhoods in East Van:
Just like the condo market, make sure you’re working with a realtor and a mortgage broker if you’re looking to get into this market. Inventory is low and competition can be high, so you’ll want professionals on your side to ensure you’ve done your due diligence, to ensure you have a strong sense of value, and to ensure you’re ready to compete in multiple offers. Knowing exactly how much you can afford, and having different options through various lenders will ensure you’re securing a mortgage that works best for you (here are the mortgage brokers we recommend).
Don’t hesitate to contact us if you have any questions about buying or selling townhouses in East Vancouver.
