NORTH VANCOUVER
The last time North Vancouver saw townhouse inventory this high was in the fall of 2020, giving buyers a lot to consider when shopping for their new home. Median sales prices are down slightly (-8%) from last month but are comparable to a year ago.Though there is a lot of inventory, buyers aren’t hesitating, with the townhomes selling within a median of 7 days. In this market, sellers of quality product can expect a speedy sale, while buyers aren’t yet feeling the pressure to make any spur decisions or compromise too much on their must-haves.
BURNABY
Townhouse inventory in Burnaby is up compared to this time last year (+22%) and sales volumes have fallen -28% compared to the same period. Despite this surplus in inventory, prices are holding (up 7% year/year) with a median price per square foot of $768. As sellers prepare to capitalize on a pick up in activity over the summer, buyers seem ready to shop for their next home.
COQUITLAM
Townhouse inventory in Coquitlam is up compared to this time last year (+44%) and sales volumes have fallen -22% compared to the same period. Prices are starting to drop (down -5% year/year) with a median price per square foot of $710. As sellers prepare to capitalize on a pick up in activity over the summer, buyers are getting some relief on pricing. This price break will likely continue as inventory levels increase.
PORT MOODY
Townhouse inventory in Port Moody has almost doubled compared to this time last year (+95%). Sales volumes are up 17% compared to the same period and prices are holding, the median price per square foot is up 6% yr/yr, at $776. As sellers prepare to capitalize on a pick up in activity over the summer, they will likely need to be more patient than recent months, as the days of market have increased 129% compared to last May and last month.
LANGLEY
Langley’s townhouse market is showing signs of softening. While those homes that are selling are getting scooped up quickly, inventory is up 78% compared to last May. Sales volumes have dipped -6% year over year and the median price per square foot has dropped -5% to $545 compared to last May. If you’re in the market for a townhome in Langley, this may be the window of opportunity you’ve been waiting for.
SOURCE: All data from Greater Vancouver REALTORS
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