Look around and you will notice that markets surrounding Vancouver are experiencing a surge in demand for townhomes, for many great reasons - particularly affordability over their single-family counterparts.

Spacious with Efficient Floorplans

Developers and their architectural firms are building townhomes with efficient layouts that usually start around 1,150 square feet and go up from there. These homes are ideal for split levels and larger format floorplans, with some select access to an attached private garage. Other home design features may include storage space for a pantry, walk-in closets and a dedicated laundry room. Townhomes also allow for great outdoor space such as a ground floor patio, balcony or beautiful semi-private rooftop deck.  

Low-maintenance Exterior Space

When buying into a multi-family dwelling homeowners will be part of strata. Unlike a single-family home, you are not responsible for most yard maintenance and other exterior home repairs and upkeep. Your monthly strata fee will cover general maintenance such as landscaping, power washing, garbage and recycling, and other items.

Shorter Construction Period Than Condos

Depending on the project size, townhomes normally take 12 to 18 months to build. While this may seem like a long time, move-in can come sooner for homeowners compared to condo developments which have an average construction period of two to three years. The construction period allows you time to complete your deposit structure and plan for your upcoming new home.

Steadier Market Than Single-Family Homes

We know that buying a home is an investment. Currently, re-sale townhomes are averaging less than 15 days on market this year and any new projects being released continue to sell quickly.

Neighbourhoods with New Inventory

A review of inventory for the last five years shows that over 12,900 newly built townhomes came to market in Greater Vancouver. It is interesting to note that the top three municipalities with the most number of market townhomes since 2012 is Langley/Cloverdale followed by South Surrey/White Rock and Central Surrey/North Delta.

Unfortunately, townhomes are currently under-supplied, look out for a wave of new projects coming to North Vancouver, Langley, Richmond and Surrey.