The townhouse segment in Metro Vancouver is a special middle ground for residential real estate. Detached home prices have escalated during peak periods in the last 10 years beyond the reaches of many Buyers, while condos have seen the smallest gains of the 3 in regards to price appreciation as a whole. Townhouses are limited in supply as the jump-up option for condo owners ready for more room. Inventive townhouses can be found with lock-off suites allowing much needed rental revenue for those making this upward transition. Ask me how to find a townhouse with lock-off suite, as there are not many.
Below is a summary of townhouse activity in the last 60-days compared to 2022 data for sample 8 cities, and specific data points for each city.
Strongest Sellers Market: New Westminster, North Burnaby, Burnaby South, Richmond. If you are a SELLER, these are the best to sell in NOW.
Strongest Buyer's/Balanced Markets: East Burnaby, Port Coquitlam, Coquitlam, North Vancouver. If you are a BUYER, these are the best to buy in NOW.
Port Coquitlam and Coquitlam have seen the largest drop in prices in the last 1-year.
Inventory levels have only dropped by approx 20%. The largest differentiators are: Coquitlam only 9% & New Westminster reduction of 5% in inventory from 2022 levels. North Vancouver increasing inventory by 52%
The townhouse segment are Seller's markets in most cities and are currently outperforming condo and detached.