East Vancouver Townhouse Market Update – October 2017
The townhouse market in East Van is one os the busiest markets based on sales to active ratio. The ratio is 130% for 1 and 2 bedroom townhouses and 46% for 3 bedroom townhouses. Inventory has dropped for townhouses and sales are up. The unfortunate thing about townhouses is there isn’t a ton of inventory available, despite them being a fantastic option for those who can’t quite afford a house. The City of Vancouver recently announced new zoning changes that will allow for more infill housing (i.e. laneway houses, couch houses and boutique complexes) than are currently allowed, which will hopefully increase the stock available to buyers. The unfortunate part is it will take years for the finished product to be available.
The average price is $760k for 1 bed townhouses ($872/sqft), $898k ($821/sqft) for 2 bed townhouses and $861k ($602/sqft) for 3 bed townhouses. Keep in mind the price of 3 bed townhouses is skewed by the plethora of options available in South Vancouver on Leasehold Land that is often quite a bit cheaper than Freehold units.
Take a look at the numbers:
Sales to Active Ratio – Townhouses in Mount Pleasant vs Grandview vs Hastings vs Killarney:
Average Sales Price per SqFt – Townhouses in Mount Pleasant vs Grandview vs Hastings vs Killarney:
If you haven’t already contacted your mortgage broker about your desire to get into a townhouse, do so ASAP. Whether you’re a first time buyer or a needing to sell your condo, knowing what it will take to make the jump into a townhouse, and knowing what penalties (or options) you may have in breaking the mortgage on your condo will be helpful in making a decision.
If you’re thinking about selling.. staging your property is always a good idea, and gives Buyers the vision and confidence in a well maintained home. Don’t hesitate to contact us if you have any questions about buying or selling townhouses in East Vancouver.