Over the last 6 years, the trend of new townhome developments has continued to surge in North Vancouver. This is happening due to the maturing crowd from core downtown, which is looking to become first time home buyers. North Vancouver has also attracted foreign investments on a consistent basis and with new markets that are developing within North Van, expect new foreign buyers to enter this area.
According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (October 2020), the benchmark price of a North Vancouver townhome has changed by +48.0% in the last 5 years and is currently $1,026,400.
Move-In Ready Townhomes
All New Construction Townhomes in North Vancouver BC
New Build Townhomes in North Vancouver
The prices of townhomes in North Vancouver are also going up on an annual basis which makes it a very attractive market for all investors involved.
Most North Vancouver home buyers are looking for long term, even life-long investments. Same demographics are approaching townhomes now. All the main areas of North Vancouver already have single family homes, Townhomes are mostly near the lower Lonsdale area. The median buying age of this area is also younger than usual (31-48) which makes it a very attractive and safe area for first-time home buyers. The current average price range of a townhome in North Vancouver ranges from 1.5 million to 3.9 million.
New Construction Townhouses in North Vancouver
2 to 4-bedroom Townhomes, are the most in demand. Just 5 years ago, it used to be two to three bedrooms, however now the market is seeking more.
Community style living is also more preferred versus detached Townhomes as in the past. Most townhomes in North Vancouver, also come with respectable sized basement. This can be used for renting out and subletting, thus allowing the buyer or the investor to create an additional source of income and / or pay for their mortgage.
The annual median income of an average townhome buyer in North Vancouver is $68,356. Renting out a purchased townhome is also common in nearby Deep cove, where usually the basement is rented out to tenants for extra consistent income. 80 percent of town home buyers in North Vancouver are still looking for family homes or homes to pass down to their next of kin, etc.
Preconstruction Townhomes in North Vancouver
Investors continue to see North Van as a very ‘mature’ and developing hub for new medium to high level developments. With 30% annual growth in the new townhomes, North Van and areas nearby are seeing an overall rise in short- and long-term real estate investments.
New townhome development in North Vancouver is still in its early stages. Gated townhome communities are almost non-existent. According to experts, around the year 2025 is when the first 50 lots for gated townhome communities will be created. The local and new first-time buyers have already shown interest in such construction and have pre-sold 68% of these lots in early 2020 alone. Gated townhomes communities are the next line of products that investors are looking to pour capital in again.
Presale Townhomes in North Vancouver
It is predicted that in 10 years, the townhome market of North Vancouver will surpass the overall current housing marketing, even beating out Upper and Lower Lonsdale. This is due to the ongoing pre-selling to upcoming first-time buyers and foreign investors.
Townhomes in North Vancouver are becoming common and the previous urban market is moving in. Although real estate prices in the North shore has been stable and extremely consistent, the new demographics are hinting a change. With an annual predicted growth rate of 31%, North Van continues to be a buyer’s market including new lots and construction that has already started in the south side.
Currently there are over 13 new construction townhome developments in progress with over 110 set for pre-selling during the 2020-2021-time frame. With 66% of these townhomes in North Vancouver already in the pre-selling stage, the growth continues to go upwards.
North Vancouver Townhomes Housing Market Stats
According to MLS® Summary – Real Estate Board of Greater Vancouver (October 2020):
- The sale of townhomes in October 2020 was 62 which was 29.2% more than 48 sales in September 2020. The median price in October 2020 was $1,093,500.
If you’re looking to buy a new townhome in North Vancouver, contact us and we will connect you to the right person who can provide you the detailed information on the development(s) you’re interested in and help you in deciding & buying your dream townhouse.