The heightened demand for townhouses in Vancouver saw prices soar to record levels last month. Year over year, the cost of townhouses in Vancouver has grown 16.3% to reach a staggering average of $966,221.
“It’s extravagant compared to the rest of the country,” says Ariane Benjamin, a Vancouver townhouse realtor. “As a beautiful and desirable place to live, people tend to jump in as soon as there’s a small dip in the market. And this demand keeps the prices high.”
Likewise, the average price for condos hit $723,827 in March, up 22.8 percent from a year earlier and just shy of a record $751,358 in January. By contrast, the price of detached housing actually fell 6.2 percent over the past year to reach an average of $1,607,886.
It’s worth noting that this means the price gap between detached houses and condos is shrinking. While investing in a condo once meant a savings of over a million dollars—potential homeowners now save about $884,059.
Last month, total residential sales fell to 2,517 transactions compared with 3,579 a year earlier. It’s also worth noting that there were fewer sales. In fact, it’s the lowest number for March since 2013—almost 23 percent lower than the 10-year average.
“There are many factors impacting housing at present. These include market prices, new tax announcements, rising interest rates, and stricter mortgage requirements. Last month was the quietest March for new home listings since 2009,” says Ariane. “New listings for the Vancouver townhouse and condo segment were particularly thin, but properties are still available in neighbourhoods all around Vancouver.”
To learn more about these properties or schedule a viewing, contact vancouvertownhouse.ca.