In real estate markets like Vancouver, many condo owners purchase their homes intending to sell and upgrade to a fully detached home, usually by way of a townhome. Unfortunately, finding an affordable upgrade has become increasingly difficult, and for some, impossible.
But, those who pay attention to the REBGV market stats will have noticed the price gap between detached homes and townhomes is closing.
Let’s looks at some defining market stats of townhouses vs detached from October to December 2022
|Difference Oct – Dec||-1009||-405|
|Difference Oct – Dec||-$68,800||-$30,900|
This indicates a continued downward trend, which is expected to continue into the second half of 2023. But what’s worth noting is that the benchmark price of detached homes is coming down at a faster rate than townhomes. So, if you’ve been thinking of upgrading the size and freedoms of your home from a townhouse to a detached property – 2023 could be a great year to do it. The financial leap between the two types of properties is getting smaller.
You can still fetch a good offer on your townhome, especially if you are willing to put in a little work upfront to get in tip top condition before going to market. Then, when it’s your time to buy, you’ll reap all the benefits of being in a buyers market. (And while interest rates on mortgages are still sky high, don’t forget you can refinance as they come down.)
Building wealth is about making a move at the right time. Staying informed with regard to what’s happening in the market and acting quickly can be the difference between cashing in or crashing at the tail-end of a wave.
If you’ve outgrown your townhome and have been thinking about the possibilities of upgrading to a detached house, there’s a sweet spot in the market right now that can make that a reality for you.
But there is more than the list price/mortgage to think about. Moving up means you’ll have different home maintenance responsibilities. When you sell your townhome and upgrade, you’ll be responsible for all exterior and interior maintenance of the property. Not to mention your insurance costs will increase. Unexpected repairs can also be costly. Take time to understand the costs of home ownership for the type of home you’re moving into.
I’d love to chat and get to know your personal circumstances better and make the right decision for your future.
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RE/MAX All Points Realty
102-321 Sixth St,
New Westminster, BC, V3L 3A7