April continued to show growth in the East Van Townhouse market. The Benchmark price for an East Vancouver Townhouse in April was $720,300 up 30% from April 2015 when the price was $552,600.
Townhouse Supply vs. Demand
With only 25 active listings in the month of April and 29 sales it’s clear that demand continues to outweigh supply. As long as this continues to happen we will continue to see upward pressure on prices.
East Vancouver is a large area and each neighbourhood is different from the next when it comes to real estate activity. Champlain heights only had 2 sales while there were 11 active townhome listings, whereas some of the other areas in Vancouver such as Victoria Drive and Mount Pleasant the supply just can’t keep up with the demand.
As more and more developers are building smaller units with less bedrooms the 3 bedroom townhouse market is getting a lot of demand. Families still need the space but cannot necessarily afford the detached housing market and are looking toward larger townhomes as the next viable option. We are still seeing multiple offers with the majority of the offers being subject free. Average days on the market is in April was 7 days. This coincides with hosting open houses on the weekend and taking offers the following week.
Average Price per Square Foot
One interesting stat from April was that it was the highest price per square foot for townhome sales in any month in the past 3 years (and likely ever). The average price per square foot reached $634. To give you a comparison, in April of 2013 the average price per square foot for an East Vancouver townhouse was only $449. If you calculate the average townhouse to be about 1,500 square feet that would be a difference of $277,500!!! It’s not only detached houses that are appreciating in value in the city!
As the demand continues to out pace the supply it is important that you have someone helping you find your home who has a beat on the market. As the average days on the market is only 1 week it is important to be active and have someone who is active working on your behalf. This market place doesn’t allow you to hold off on viewings or wait to “see what happens”. Townhomes are selling at record prices and in record time. We are here to help you take on the market and be successful!
