Buying a townhouse or another form of multi-family home is a solution that’s allowing more families to enter Vancouver’s expensive housing market.
“Making a million-dollar investment on your first home just isn’t realistic for families that are starting out,” says Ariane Benjamin, realtor at vancouvertownhouse.ca. “That’s why in many neighbourhoods traditional single family homes are being cleared to make way for more condos and townhouses in Vancouver.”
Urban planners have coined the term “gentle density” to describe the attempt to increase the number of residents in established neighborhoods.
In North Vancouver, about 300 small detached homes have been cleared to make way for almost 2000 units of mixed-use, multi-family housing that will accommodate more families. In addition, neighborhood plans also include a big park and more pedestrian walkways.
Townhouses With Rental Suite Options
“Some of the new townhouses in this area will even include lock-off basement suites, so homeowners have the option of renting them out,” says Ariane. “This isn’t usually a feature that’s seen with townhouses, but it’s another step that can make a heavy mortgage that much more affordable.”
While many people still aspire to the idea of the single family home with the white picket fence, that ideal is getting harder to meet. Mixed housing solutions like townhouses and condos are a way that everyone can populate the mainland in a sustainable way.
The Moodyville Neighbourhood Plan in North Vancouver has been a unique revitalization project that has come together after securing the land from 300 small homes.
More Opportunites for Buying a Townhouse
“There will be more opportunities for millennials and downsizers in this community,” says Ariane. “For example, Guildford Brook is selling 46 Moodyville townhomes. They are designed to save energy and money. The asking price for a 1,300-square-foot, three-bedroom townhome at Evolv Living would be a little less than $1 million. While the larger units, in the 2,000-square-foot range, will be priced at $1.3 million to $1.6 million and include a lock-off suite for rental income.”
To learn more about selling or buying a townhouse in Vancouver, contact Ariane at 604-779-1500 to discuss your property goals today!