{"id":629,"date":"2022-10-17T16:09:48","date_gmt":"2022-10-17T20:09:48","guid":{"rendered":"https:\/\/www.kenstef.com\/blog\/?p=629"},"modified":"2022-10-17T16:09:48","modified_gmt":"2022-10-17T20:09:48","slug":"condos-townhomes-downtown-vancouver-west-east-september-2022-market-update","status":"publish","type":"post","link":"https:\/\/bcoceansideproperties.com\/blog\/condos-townhomes-downtown-vancouver-west-east-september-2022-market-update\/","title":{"rendered":"Condos & Townhomes: Vancouver Downtown, West & East in September 2022"},"content":{"rendered":"

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\u2019t quite so simple as the variations neighbourhood-by-neighbourhood continues to show there is still vitality in this market. That\u2019s a given since for as much condos & townhomes can cost with higher interest rates, detached homes still cost more.\u00a0\u00a0<\/span><\/p>\n

Let\u2019s take a look.<\/span><\/p>\n

Sales decline in Downtown Vancouver<\/span><\/h3>\n

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

In September, <\/span>condos for sale priced $500,000 to $1,000,000<\/span><\/a> were the highest volume of sales in the city\u2019s downtown area.\u00a0<\/span><\/p>\n

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 <\/span>fifth consecutive month<\/b>, <\/span>sales of condos in Coal Harbour<\/span><\/a> remained at 12 units sold.\u00a0<\/span><\/p>\n

\"Infographic<\/p>\n

Comparatively Stable Sales in Vancouver East<\/span><\/h3>\n

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 <\/span>most active price band for available condos was $400,000 to $500,000<\/span><\/a>. 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, <\/span>condos selling between $500,000 to $900,000<\/span><\/a> had the largest share of the overall sales volume, along with <\/span>East Vancouver townhomes<\/span><\/a> too.\u00a0<\/span><\/p>\n

The most popular configuration for <\/span>Vancouver East condos is a maximum of 1 bedroom<\/span><\/a>. For inventory, almost half of available condos & townhomes were a 1 bedroom or studio unit.<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n