Demand for Buying Townhouses in Vancouver Still on the Rise
“Demand for buying townhouses and condominiums is still increasing in Vancouver,” says townhouse realtor Ariane Benjamin.
Although residential property sales in Metro Vancouver totalled 3,553 last month–about 25.7% less than a year ago, the composite benchmark price for all homes is 11.4 per cent higher than April 2016.
“What we’ve seen from the Multiple Listing Service (MLS) data in Metro Vancouver is that condominium and townhouse sales now make up a larger percentage of all residential transactions,” explains Ariane. “In fact, in the first four months of 2017, these sales have accounted for about 68.5% of sales on average—up about 10% over the same period last year.”
While the overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in the condominium and townhome markets, according to Jill Oudil, President of the Real Estate Board of Greater Vancouver.
Multiple Offer Scenarios Becoming the Norm for Townhouses and Condos
According to the Oudil, demand has been outstripping supply for months, and the dynamic is causing prices to increase and making multiple offer scenarios the norm.
As a townhouse specialist, Ariane Benjamin combines an intimate knowledge of local neighbourhoods with keen market insight. Through research and experience, she provides people with the information they need to make the best choices when selling or buying townhouses.
For more information, contact Ariane at 604-779-1500.