Surging Sales of Townhomes and Condos Push Up Pricing
“For townhome owners wondering if it’s a good time to sell, market trends have been resoundingly positive,” says Ariane Benjamin, realtor at vancouvertownhouse.ca.
“According to the latest figures from the Greater Vancouver Real Estate Board (GVREB), surging sales in townhouses and condos have been pushing up prices across the board, making it a great time to list.”
Prices for Townhomes and Attached Properties on the Rise
Since January, the benchmark price for townhomes has risen by 0.3 percent, reaching a median of $675,500. Detached homes have remained steady, while condominiums have jumped a full 2.7 percent.
“There are a lot of things contributing to this,” says Ariane. “But one of the strongest factors is a lack of inventory.”
According to Dan Morrison, President of the GVREB, the number of new listings in February totaled 3,666—the lowest level since 2003. While sales aren’t happening at the same rate as when prices hit their peak in February of last year, there is also no downward pressure on the market.
Demand for Homes Outstrips Supply
A new initiative from the BC Government to support first-time homebuyers has also dramatically increased activity for homes assessed under $750,000, which is primarily the condo and townhouse market in Vancouver.
“Demand is outstripping supply, which makes it an excellent time for townhouse owners to consider listing their property,” explains Ariane.
To learn the assessed market value of your townhouse, book a complimentary consultation at 604-779-1500.