Vancouver Townhouses and Condos Defy Detached Home Slump
As a Vancouver townhouse realtor, Ariane Benjamin knows that February typically signals the start of the spring rush. However, a variety of factors have created a maelstrom that has put the Vancouver housing market in the spotlight.
“A lot of people are anxiously waiting to see how stricter mortgage requirements and higher interest rates will impact the prices of houses, condos, and townhouses in Vancouver,” explains Ariane. “However, while detached sales were down 39.4 percent below the 10-year sales average for February, sales of attached houses such as townhomes, row homes, and duplexes only fell about 6.8 percent lower than the 10-year average.”
According to the March edition of Snap Stats, a tool meant to simplify and clarify complex real estate trends, condos and townhouses in Vancouver have weathered the market better than their detached counterparts. For example, the average sales price of attached condos and townhouses in Vancouver West varied from January to February by -2 percent vs house prices at -4 percent.
Moreover, in affordable markets, such as East Vancouver, the sale price for condos and townhouses actually rose by 3 percent in that same timeframe.
Jill Oudil, president of the Real Estate Board of Greater Vancouver said, “Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market. Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”
In other words, despite market pressure, condos and townhouses sold quicker in February compared to January. There were 37% more sales month-to-month and minor fluctuations (typically less than 5%) in the sales price.
“Although February’s market was certainly down, sales of attached properties such as townhouses and duplexes saw a slower, softer decline,” says Ariane. “In fact, February’s 401 property sales only resulted in a slight 0.7 percent dip year over year. It was still up 26.6 percent since January, 18.1 percent year over year, and 1.9 percent month over month. The benchmark for this property niche in Vancouver is now $819,200—a positive outlook for people concerned about how these homes will hold their value.”
Remember that the price of any home will vary greatly throughout Greater Vancouver. When considering townhouses in Vancouver (or a property), it’s important to work with a seasoned realtor who can analyze neighbourhood trends and gauge long-term prospects.
As a townhouse realtor in Vancouver, Ariane has been tracking townhouse sales and neighborhood trends for over 15 years. Her one-on-one approach to buying and selling emphasizes her customer-first attitude, and allows her to deliver value, whatever a client’s priorities.
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