Vancouver has seen massive growth in townhomes recently, mainly in area 1 and area 2. These two specific locations continue to grow in Vancouver. This is occurring because people are moving from the main city (Metro Vancouver) to the slightly less developed areas of the province. The main reason for this move is the increase in the price of an average home. Although this is great news for investors, this sudden internal migration is also causing new opportunities for home buyers and first-time investors.
According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (October 2020), the benchmark price of a Vancouver townhome has changed by +50.1% in the last 5 years and is currently $813,000.
Move-In Ready Townhomes
All New Construction Townhomes in Vancouver BC
New Build Townhomes in Vancouver
Acquiring a townhome in the city is mostly being seen as an investment which will have a much larger ROI in the long run. As most of the city develops further, the real estate market will mature as well. Either way, townhomes in the city are seen as a safe investment especially in the price range $600,000 to $1,500,000.00.
The type of town homes that are popular in the city are up to three bedrooms. Most of these townhouses also feature a respectable size basement which makes it even more attractive for investors as home buyers. Main reason for this as an investment is that you can rent it out and create another source of income. since most of the population in the city has a median income of $51,463, this makes it an ideal place to find renters as well. Most investors who seek townhomes in the city, see it as an income-generating property.
New Construction Townhouses in Vancouver
The average townhomes price in Vancouver right now is around 963K Mark. 2 to 4-bedroom townhomes are the ideal picked for the investors that are looking for a new townhome in Vancouver. Various segments within the population of metro Vancouver are now entering a much higher gross income level and therefore are keen to invest in new and upcoming townhomes around the area. With Vancouver being fully developed with mature communities, real estate investors are getting a healthy ROI from their investments in these cases. These kind of market trends will continue to occur and although the market will fluctuate, overall, the trend will continue to go up.
Although short term investors have pulled out of Vancouver, long term and experienced investors have put in decent amount of capital in the real estate market here. Especially the new townhome construction market. As these are first time home buyers
Preconstruction Townhomes in Vancouver
Since the new trend is to have townhomes in their own communities (Gated or not), it has created the need for local specific associations. This adds an extra level of security and structure.
Another reason for townhomes to surpass the condo market is because of new style of development. Most Townhomes are now in communities that have modern amenities, like an apartment building but on a larger scale.
If you are not in a hurry to move-in, it is very wise decision to invest in townhouse real estate projects which are in preconstruction phase of their development. It is beneficial both for seasoned investors and new home buyers.
Presale Townhomes in Vancouver
First time homebuyers and new development builders are very interested in three to four-bedroom Townhomes. This is due to larger and extended families sometimes living in the same space. Townhome design single-family homes are still being built but for this segment, the market seems to be slowing down. This trend is expected to continue going in the same direction for the next three and a half years.
Buying or investing in a new townhome in its presale period is the best thing you can think of and is the hottest trend in the lower mainland. You own a new townhouse at its lowest starting price, thus gain maximum appreciation in the price over a period.
Although Townhomes are now covering a majority of Vancouver, there’s still room for more Townhomes, especially in the urban city areas of Vancouver. Due to consistent purchases of new homes in development, the real estate market that is specific to townhouses, is set on a high growth curve. Overall, it seems like a buyer’s market at this point, the diversity of investors is only growing.
Home Price Index for Greater Vancouver BC
According to MLS® Summary – Real Estate Board of Greater Vancouver (October 2020):
- VANCOUVER EAST
The sale of townhomes in October 2020 was 66 which was 10.8% less than 74 sales in September 2020, and more than 45 sales in October 2019. The median price in October 2020 was $1,165,000.
- VANCOUVER WEST
The sale of townhomes in October 2020 was 70 which was 27.3% more than 55 sales in September 2020, and more than 63 sales in October 2019. The median price in October 2020 was $1,332,500.