The Benchmark Price for a Townhome
East Vancouver housing prices continue to soar and Townhomes continue to go up in value. The benchmark price for an East Vancouver townhome in May was $725,500. This is up 0.7% from April and up 6.1% from February, 2016. At $725,500 East Vancouver townhomes still remain a bargain compared to townhomes on the Westside of Vancouver which hit $1,035,400. East Vancouver townhome prices are up 87.6% over the last 10 years.
East Van Condos hit $403,800 which represents a 4.8% increase in the last 3 months and a 0.8% one month increase. Compared to condos on Vancouver’s Westside this is quite low. Westside condos hit a benchmark of $673,000, up 7.7% from 3 months ago.
The biggest increase continues to remain with detached houses
East Vancouver’s single family homes hit a benchmark price of $1,456,700 which is up 8.3% from the previous month and 15.1% in the past 3 months. Vancouver West saw detached homes hit a benchmark of $3,442,100. This is up 7.6% from the previous month and 14.6% from 3 months ago, slightly less than the increases that we are seeing in East Vancouver homes.
With single family homes getting out of reach I believe that we will continue to see growth in the townhouse market. Not only will we see demand for these type of units increase we should also see more townhome developments coming to different pockets. A few new developments were released this past month and sold out very quickly. Hanna Townhomes just east of Main Street and Frances Townhomes just east of Commercial Drive. Both of these townhouse developments had great floorplans and were picked up very quickly.
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