Condos & Townhomes: Vancouver Downtown, West & East in September 2022

Over the past few months, the overall sales of condos and townhomes in Vancouver have been declining slowly amid a global economic downturn. However, it isn’t quite so simple as the variations neighbourhood-by-neighbourhood continues to show there is still vitality in this market. That’s a given since for as much condos & townhomes can cost with higher interest rates, detached homes still cost more.  

Let’s take a look.

Sales decline in Downtown Vancouver

After a slight decline in unit sales during August, sales of condos & townhomes in Downtown Vancouver declined by 11% during September. Condos in the Downtown VW neighbourhood stayed constant at 20% despite the decline affecting Yaletown (13%) and Westend (10%).

In September, condos for sale priced $500,000 to $1,000,000 were the highest volume of sales in the city’s downtown area. 

For these attached homes in the city, the sale to list price ratio remained stable at 99% while the average sale price declined by 1% to $790,000. And finally, for the fifth consecutive month, sales of condos in Coal Harbour remained at 12 units sold. 

Infographic displaying condo and townhome sales in downtown Vancouver September 2022.

Comparatively Stable Sales in Vancouver East

Overall, East Vancouver had a 23% sales ratio for condos and townhomes – setting it ahead of downtown and Vancouver West as the regional leader in sales of attached homes. The most active price band for available condos was $400,000 to $500,000. This price range had a 42% sales ratio, meaning almost half of the units for sale in September were sold. In a more broad sense, condos selling between $500,000 to $900,000 had the largest share of the overall sales volume, along with East Vancouver townhomes too. 

The most popular configuration for Vancouver East condos is a maximum of 1 bedroom. For inventory, almost half of available condos & townhomes were a 1 bedroom or studio unit.

Which neighbourhoods are experiencing the most sales activity? Three neighbourhoods stand out the most, each with more than 10 sales for the last month. Mount Pleasant VE, Collingwood VE and South Marine all led the Eastside in sales. Mount Pleasant led with 23 sales, with Collingwood VE coming in second at 14, and South Marine at 11 sales. 

Infographic displaying market information about condos and townhomes in September 2022.

Significant Drop in Condos & Townhomes Sales in Vancouver West

We have to address the elephant in the room. During September, overall sales of condos and townhomes dipped by 33% in Vancouver West. Units sold were concentrated within a fairly broad prince range of $600K to $1.5M – however, the $1.25M to $1.5M has the most inventory at 118 units, despite only 10 sales. The downward shift towards more affordable properties has certainly impacted the movement of these higher-priced homes and those units priced above the upper limit.

Unlike East Vancouver, the preferred configuration of condos & townhomes in Vancouver West appears to be properties with a maximum of 2 bedrooms. At just over 80% of all units sold, homes with up to 2 bedrooms appear to be the criteria. This would potentially track with the most active price band too. Click here to view condos for sale with a maximum of 2 bedrooms, or townhome listings with 2 bedrooms or less.

Despite the drop in overall sales, some neighbourhoods performed well in terms of sales. Neighbourhoods like Fairview, Kitsilano, False Creek and University are all quite attractive to a broad swath of potential homeowners, in particular for their positioning on Vancouver’s Westside. Kitsilano and False Creek are both near the waterfront, bringing residents towards the beaches or seawall, but also to the restaurants and shops in the neighbourhood. University has a certain cache for students at nearby UBC due to its proximity to campus and its access to transit along SE Marine Drive. While Fairview is almost a city unto its own, home to the City of Vancouver’s municipal government, and the sprawling Vancouver General Hospital complex. Broadway runs through Fairview, allowing for east-west transit, while the SkyTrain station at City Hall allows for commuters to travel farther and faster.

Another popular neighbourhood for condos & townhomes is University VW, which had a 27% sales ratio in September 2022. View condos for sale in University VW here.

Infographic displaying sales information for condos in Vancouver West.

Listings in Mount Pleasant VE, Vancouver East

1237,1243,1257 E Broadway, Mount Pleasant VE, Vancouver East photo number 2
New Listing
1237,1243,1257 E Broadway  
Mount Pleasant VE, Vancouver East
$12,500,000 Land Commercial

Listed by NAI Commercial.

305 - 256 E 2nd Avenue, Mount Pleasant VE, Vancouver East photo number 2
New Listing
305 - 256 E 2nd Avenue  
Mount Pleasant VE, Vancouver East
$699,900 Condo 1 Bed 1 Bath 706 sqft

Listed by Stilhavn Real Estate Ser.

2 - 2770 Fraser Street, Mount Pleasant VE, Vancouver East photo number 2
New Listing
2 - 2770 Fraser Street  
Mount Pleasant VE, Vancouver East
$1,575,000 Townhome 3 Beds 4 Baths 1,739 sqft

Listed by Stilhavn Real Estate Ser.

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Disclaimer: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.