Condos and Townhouses in Vancouver Still in High Demand
As a realtor who specializes in buying and selling townhouses in Vancouver, 2018 marked the start of an interesting year for Ariane Benjamin.
“CBC Canada just released an article saying that combined home sales in January were up 19.4 percent from the same time last year,” says Ariane. “However, townhouse and condo sales were above the 10-year January average by 14.3 and 31.6 percent respectively, while detached homes fell 24.8 percent below it.”
According to the Real Estate Board of Greater Vancouver (REBGV), “The sales-to-active-listings ratio last month, which looks at how many properties sold compared with those listed, was 57.2 percent for condos, 32.8 percent for townhouses and 11.6 percent for detached properties.”
Long-term trends indicate a figure below 12 percent for a sustained period puts downward pressure on prices, while sustaining an average above 20 percent for several months means more increases are coming. Basically, a slight decrease is expected on detached properties (single-family homes), while the market could see gains on attached properties like condos and townhouses.
In February, the composite benchmark on home prices was $1,056,500—up over 16 percent. However, for the attached market segment it was up 27.4 percent for condos, putting the price average at $665,400 while townhouses climbed by 17.5 percent for an average selling price of $803,700.
There are numerous factors that have led to increased interest in the attached housing market, including a higher interest rate and the new mortgage stress test. However, REBGV President Jill Oudil attributes the price jumps to a combination of scarce listings and elevated interest.
Contact Townhouse Realtor Ariane Benjamin
Learn more about buying or selling townhouses in Vancouver. Call Ariane at (604) 779-1500 to schedule a complimentary consultation. You can also visit our website to register for the free Townhouse Watch.