Year-over-year, we are observing increasing prices across the housing market in Greater Vancouver. Though demand has remained within normal parameters, the supply of homes has fallen far below historical norms which continues to drive prices upward. Listings on the market have seen record-breaking lows through 2021 and into 2022, and with no real explanation for this, it becomes difficult to predict if/when this may change.
According to REBGV, 8,137 townhomes were bought and sold in 2021 which was a 40.8% increase from 2020. The stats suggest that soaring prices of detached homes may be making townhouses a more realistic jump for those who seek more space for themselves and their families. As housing affordability has become a real concern for many, Ariane Benjamin offers her insights into how individuals and families can still reach their real estate goals without compromise in Vancouver’s townhouse market. Based on feedback and testimonials received by Ariane, the following were the main features that her clients felt they were able to check off their list when investing in townhouse living.
Simply put, townhouses are generally more affordable than single-family homes and are often available at a better price per square foot than condos of similar age and construction. Bottom line? You get more for your money with a townhouse, while enjoying many of the attractions of detached living.
Your Own Front Door
Having your own front door is a paramount townhouse feature, as it unlocks the convenience and accessibility that many are seeking in the detached market. No more common hallways and no trips up and down the elevator. Your own front door offers the ease of coming and going from street level access as well as an individual & unique street address which is convenient for deliveries and visitors. The walk-in, walk-out feel makes townhouses a worthwhile yet affordable step for those seeking to transition away from condo living.
Spacious & Unique
Because they are able to have unique layouts, townhouses are often able to offer more rooms and more square footage than is possible in a condo. They often span multiple floors of living space, making them feel much more like a house than a condo. Unique floor plans are often seen in townhouses in an effort to best utilize space. This results in more unique spaces and floor plans than condos, as townhouses often have features like multiple levels and split levels, vaulted ceilings, and skylights. Their layouts are often one-of-a-kind and have a special appeal to those that are tired of cookie-cutter homes. Check out the many Townhouse Communities throughout Vancouver to see this space & variety in action.
Townhouses usually have larger and more natural outdoor spaces than condos, including ground-level and rooftop patios and/or garden spaces. Many have plants, trees and grassy areas that are great for relaxing and entertaining guests. They are ideal for those that love the outdoors, sunbathing, gardening, barbecuing and entertaining. These types of activities are often limited or eliminated in condo living, as outdoor spaces are generally common areas that are are lacking the same level of privacy.
Peaceful & Private
Townhouses are lower density living than condos. This means that you often have fewer direct neighbors and they may even be located in quieter areas. This usually results in less pedestrian traffic, fewer noise issues and disturbances, and a generally more natural setting. This makes townhouses a great option for those seeking a sense of tranquility even in the midst of city living.
Townhouses by their very nature as strata properties offer shared ownership of common areas. Maintenance and repair of these areas are typically shared amongst all owners and the care and upkeep of these areas are typically delegated to a property management company and/or maintenance staff. This means that your responsibility to maintain the building and common areas is much less than with a single-family home. Townhouses are a well-suited option for busy individuals and families, as their limited free time can be spent enjoying the amenities of detached living while minimizing time spent on property upkeep.
From Ariane’s experience, these are the most common reasons why buyers chose to search for a townhouse rather than other types of properties. With affordability as a leader on the list, it can be anticipated that the record-setting demand for townhouses will continue through 2022. Interested in learning more? Should you find yourself seeking a similar transition or simply looking to gather more information, the Vancouvertownhouse team is here to help. Reach out to us directly from our contact us page anytime – we are always happy to hear from you!