Review of Townhouse Market Trends Across 8 Main Areas in Greater Vancouver
January 2022, 2023, and 2024
The real estate market in Vancouver has undergone significant shifts over the years, particularly in the townhouse segment. This review provides an insightful analysis of townhouse market trends across eight key areas in Greater Vancouver, focusing on the periods of January 2022, 2023, and 2024.
* House Price Index,
**Vancouver West including Coal Harbour, Yaletown, Downtown, Kitsilano, …
In January 2023, notable variations in price trends were observed across different areas compared to 2022. Burnaby exhibited a substantial growth of 3.98%, attributed to the launch of projects like Amazing Brentwood and promising prospects for further development. Similarly, Richmond experienced a commendable growth of 2.86%, while North Vancouver saw a modest increase of 1.26%. Conversely, Surrey faced a significant decline of -11.1%, while Downtown and Coquitlam experienced decreases of -4.83% and -4.03%, respectively. The sharp drop in Surrey can be attributed to the cyclical nature of real estate, where areas witnessing rapid growth during booms often face steep declines during recessions.
By 2024, a reversal of trends unfolded, with most regions witnessing price increases in townhouse markets, except for Downtown, which saw a notable decrease of 6.64%. Factors such as overcrowding and heavy traffic likely contributed to Downtown's decreased popularity, mirroring trends in the condo market. Langley, Surrey, and Coquitlam emerged as top areas in terms of price growth, with increases of 6.85%, 6.54%, and 4.48%, respectively. The appeal of townhouses to larger families unable to afford detached homes has driven substantial growth, particularly in areas experiencing significant immigrant influx.
Overall, the 10-year average of resales in townhouse market is 1788, dropping to 1030 in 2023 but rebounding to 1427 in 2024. Most regions managed to surpass pre-pandemic price levels, except for Downtown. Richmond consistently experienced price growth each year, indicating a sustained upward trend from 2022 to 2024. These trends underscore the dynamic nature of the townhouse market in Greater Vancouver and highlight the evolving preferences and economic factors shaping real estate dynamics in the region.