July 21, 2023 Emerging Trends in Vancouver West: Opportunities in the Townhouse Market

Vancouver West's townhome product category has been seeing an impressive upswing over the last quarter. This trend was highlighted by sales activity that saw a staggering 31.9% increase month-over-month in May. It's worth noting that this surge runs contrary to the customary spring market cycle, which typically sees a decline by this time. Despite this overall positive trend, increased presentation centre traffic and more general sales activity, Vancouver West, known for its premium market options, continues to grapple with the issue of affordability. However, our projection for the short term is a slowdown of this surge due to a combination of prevailing lending rates in the rate environment and the usual market seasonality. With activity restrained in the short term, we predict to see a return to normalization by Spring 2024.

As of now, Vancouver West boasts 16 active townhome developments, with the recently launched programs targeting an estimated blended price per square foot in the range of $1,400 to $1,700. Future projections for the market indicate the introduction of an additional 340 units in the coming six to 12 months, and a total of 694 units or possibly more over the next one to three years.

A closer look at developments on the Westside

Developers such as Listraor have significantly contributed to the increasing appeal of Vancouver West townhomes. Listraor has established a solid reputation over the past 25 years, earning its stripes as a trusted leader in the realm of townhome development and construction, particularly across Metro Vancouver. As a local, family-owned and operated entity, Listraor's ethos has always gone beyond constructing homes. They aim to create integral components of the urban landscape, deeply intertwined with the communities they serve and the families they accommodate. With a portfolio boasting more than 300 homes and counting, Listraor has completed highly successful projects such as Perron, Aston, and Flora - and now Boden.

Boden: A promising west side address that’s authentically Oakridge

Listraor's Boden project, a modern collection of garden-access townhomes positioned conveniently at the corner Oak & 52nd, is an example of their success in enhancing the living standards on Vancouver’s Westside. This project, comprised of 36 spacious two and three-bedroom garden-access homes, offers the security of direct access parking and a community for growing families in Oakridge. Situated within a 10 minute drive of prestigious schools and post-secondary institutions, the spacious courtyard level homes are primed for family stability. These unstacked, direct-entry homes offer up to 1,663 sq. ft of interior living space and are now move-in ready. Limited homes remain available.

York: Immersed in the city, centred on the park

Listraor is set to extend its successful legacy on Oak Street with the upcoming launch of York, an eagerly anticipated development. Fronting Oak Meadows Park, York is a collection of 29 functional family townhomes at the corner of Willow & 37th. The three-bedroom park-front townhomes keep with Listraor's legacy of exceptional craftsmanship. These unstacked townhomes offer private, peaceful living while being conveniently located minutes away from the vibrant South Cambie streets. Merging nature and city, these family homes are tucked away in green space yet surrounded by the urban conveniences of Oakridge and South Cambie. Along with its unique New York-inspired architecture and functional floor plans, York will also offer private rooftop decks and a central community courtyard for dedicated outdoor spaces parallel to the park, separated only by tree-lined streets. The development launches this fall, adding 29 functional family townhouses to the market.

The Promising Trajectory of Vancouver West's Townhome Market

The allure of townhomes in Vancouver West is apparent, as seen by the consistent upward trend in sales activity and an active market. Examples of successful developments like Boden and York, courtesy of Listraor, highlight this growth and illustrate the shift towards more spacious, meticulously designed living spaces. As more townhome projects emerge, potential homeowners seeking to buy in the West can look forward to a broad range of high-quality, sustainable, and community-centric living options that cater to modern needs.