East Vancouver Townhouse Market Update – November 2017
The townhouse market was busy, though the numbers show that it’s easing off a bit, but having had Buyers compete for townhouse units recently, I wouldn’t necessarily agree. Townhouses showed a 37% sales to active ratio last month, down from 59% last month and this year’s high of 89% in April. The HPI price increased ever so slightly to $855k. The price per sqft increased to $754/sqft, which is close to the year’s high of $769/sqft. Total inventory increased significantly over last month, going from 54 units to 81 units (72 of which are new listings). This new inventory certainly helps to ease the competition in the market. If the new “stress test” really does make home ownership tougher for Buyers looking for an entry level house, expect the amount of inventory available in townhouses to drop since existing townhouse owners may not quality for a big enough mortgage to afford to move to something bigger.
Keep in mind the townhouse market is quite small, and has a mix between brand new units still under construction and leasehold units in South Van, so it’s tough for the numbers to be very representative of the market as a whole. If you’re interested in what’s happening in specific areas let me know.
For Buyers… if you’re a Buyer, reach out to me so I can get you started down the right path. We can go for a coffee where I’ll make sure you’re getting the answers to all the questions you should be asking.
For Sellers.. the little things make a big difference. Painting, organizing, and staging will give Buyers the good feelings they are looking for when choosing their next home.
Don’t hesitate to contact me if you have any questions about buying or selling townhouses for sale in East Vancouver. Our Custom MLS Search is a great tool to use if you’re in the market for a townhouse in East Van, so contact us if you want to be notified if any units within your price range and criteria hit the market.
Take a look at the numbers:
(Orange is 1 Bed Townhouses, Blue is 2 Bed Townhouses, Green is 3 Bed Townhouses)