Townhouse price Dropping

BC Townhouse prices dropping –  On this pages: Townhouses with at least 10% price reduction

The big questions on everyone’s mind: ‘Are BC townhouse prices dropping?’, ‘Will townhouse prices drop in 2023 ?’, ‘When will housing prices drop?’, ‘Are townhouse prices going down?’  On our website you’ll find all townhouses listed on MLS® that had at least 10% price reduction from the initial Listing price.   Bookmark this page so you can easily return to it!

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1-20/21
  • 203 8040 Colonial Drive, Richmond - Boyd Park

    203 8040 Colonial Drive Boyd Park Richmond V7C 4V1
    Main Photo: 203 8040 Colonial Drive, Richmond - Boyd Park
    $589,000
    Residential
    Status:
    Active
    MLS® Num:
    R3007062
    Bedrooms:
    3
    Bathrooms:
    1
    Floor Area:
    1,050 sq. ft.
    Spacious 3-bedroom, 1-bath townhouse with 1050 sq ft of well-designed living space in a peaceful, family-oriented community. Enjoy access to great amenities including an outdoor pool, playground, and clubhouse-perfect for kids and active families. Conveniently located near Grauer Elementary, Hugh Boyd Secondary, West Richmond Community Centre, and Seafair Shopping Centre for groceries, dining, and services. Parks, green spaces, and scenic walking trails are nearby. Transit is steps away for easy commuting. Pet-friendly complex allows one pet, making it ideal for families, first-time buyers, or investors seeking value in Richmond. More details
    Listed by Parallel 49 Realty
    AMAR SHAN
    DANA BALAN
  • 119 8300 General Currie Road, Richmond - Brighouse South

    119 8300 General Currie Road Brighouse South Richmond V6Y 1M1
    Main Photo: 119 8300 General Currie Road, Richmond - Brighouse South
    $698,000
    Residential
    Status:
    Active
    MLS® Num:
    R2970122
    Bedrooms:
    4
    Bathrooms:
    3
    Floor Area:
    1,445 sq. ft.
    Welcome to this spacious and bright four bedroom, three bathroom two level townhouse in the heart of Richmond. This sunny unit features brand new hardwood flooring, new carpet, freshly painted walls, ceiling, and an upgraded modern kitchen and bathrooms with marble countertops with marble countertops, new dishwasher and range hood. Enjoy your own private, sun-filled garden and two underground paring spaces. Located just steps from General Currie Elementary and Palmer Secondary School. Only minutes away from Richmond Centre and skytrain. Perfect for families or investors -move -in ready! More details
    Listed by Laboutique Realty
    AMAR SHAN
    DANA BALAN
  • 3 9079 Jones Road, Richmond - McLennan North

    3 9079 Jones Road McLennan North Richmond V6Y 4G9
    Main Photo: 3 9079 Jones Road, Richmond - McLennan North
    $799,000
    Residential
    Status:
    Active
    MLS® Num:
    R2986703
    Bedrooms:
    2
    Bathrooms:
    2
    Floor Area:
    1,086 sq. ft.
    Welcome to the Pavilions, ideally located in the heart of Richmond! This delightful 2-bedroom, 2-bathroom townhome offers 1,086 sq ft of bright and functional living space. The open-concept living and dining areas feature flow seamlessly onto a spacious balcony—perfect for outdoor dining or relaxation. Enjoy the added bonus of a sun-filled, south-facing front yard, ideal for entertaining or soaking up the sun. With two parking stalls and inclusion in the highly regarded Garden City Elementary and R.C. Palmer Secondary school catchments, this home is a fantastic option for young families. Well maintained and in excellent condition. Don’t miss out—book your private showing today! More details
    Listed by Dracco Pacific Realty
    AMAR SHAN
    DANA BALAN
  • 38 7247 140 Street, Surrey - East Newton

    38 7247 140 Street East Newton Surrey V3W 1K8
    Main Photo: 38 7247 140 Street, Surrey - East Newton
    $799,000
    Residential
    Status:
    Active
    MLS® Num:
    R2971647
    Bedrooms:
    3
    Bathrooms:
    3
    Floor Area:
    1,648 sq. ft.
    EAST NEWTON! Like New! This gorgeous 3 Bed + Den and 3 Bath unit is bright and spacious with Stainless Steel Appliances and Granite Countertops. Within walking distance from Schools, Shopping and Transit. Surrounded by parks and nature and close enough to the Newton Town Centre, this home strikes the perfect balance in- between comfort, amenities and accessibility. This unit has 2 underground parking spots, separate bike room, car wash area and visitor parking. The unit features new laminate flooring, Fire Sprinkler system for all 3 floors, efficient baseboard heating, upgraded (more capacity) clothes washer, two refrigerators, electric fireplace, den on the main level, visitor parking underground, and street parking on 140 St. Do not miss out on this beautiful, and well located home! More details
    Listed by Royal LePage Global Force Realty
    AMAR SHAN
    DANA BALAN
  • 1922 Highview Place, Port Moody - College Park PM

    1922 Highview Place College Park PM Port Moody V3H 1N5
    Main Photo: 1922 Highview Place, Port Moody - College Park PM
    $849,000
    Residential
    Status:
    Active
    MLS® Num:
    R2954826
    Bedrooms:
    3
    Bathrooms:
    1
    Floor Area:
    1,268 sq. ft.
    WELCOME HOME! Nestled in this quiet neighborhood in Port Moody, this spacious 3 bedroom townhouse features an open concept for you, your family and perfect for entertaining guests. Enjoy everyday view of greenery right in your wide balcony. Check out the privacy that the 3 bedrooms offer. Don't miss out the attic with its spacious storage. Bonus redevelopment potential. Short distance to skytrain, malls, brewery row and more! OPEN HOUSE January 12 Sunday 2pm-4pm. More details
    Listed by Royal LePage Sussex
    AMAR SHAN
    DANA BALAN
  • 203 9118 149 Street, Surrey - Bear Creek Green Timbers

    203 9118 149 Street Bear Creek Green Timbers Surrey V3R 3Z6
    Main Photo: 203 9118 149 Street, Surrey - Bear Creek Green Timbers
    $849,000
    Residential
    Status:
    Active
    MLS® Num:
    R2998732
    Bedrooms:
    4
    Bathrooms:
    4
    Floor Area:
    1,800 sq. ft.
    Quality Craftsmanship at Unit 203! This spacious 4-bed, 3.5-bath townhome is perfect for growing families. Enjoy a main-floor entry, side-by-side double garage, new vinyl plank flooring with concrete sub-base, fresh paint, updated baseboards, and a 1-year-old hot water tank. All bathrooms are beautifully renovated. The open-concept main level features a bright living room with fireplace and a kitchen/dining area that opens to a private, fenced backyard. Upstairs offers a large primary suite with walk-in closet and ensuite, plus two bedrooms and great storage. A fourth bedroom with full bath is perfect for guests or teens. Quick possession possible! More details
    Listed by Four Seasons Marketing Group Ltd.
    AMAR SHAN
    DANA BALAN
  • 51 1639 162 Street, Surrey - King George Corridor

    51 1639 162 Street King George Corridor Surrey V4A 4Y1
    Main Photo: 51 1639 162 Street, Surrey - King George Corridor
    $899,000
    Residential
    Status:
    Active
    MLS® Num:
    R2978095
    Bedrooms:
    4
    Bathrooms:
    3
    Floor Area:
    1,440 sq. ft.
    Welcome to Horizon, Well kept Corner unit in Surrey's vibrant Grandview Heights. This modern, three-level townhouse offers a blend of luxury and functionality. Featuring three spacious bedrooms on the upper level and a bed on the ground floor, this home is designed to accommodate diverse lifestyle needs. The open-concept main floor boasts high ceilings and expansive windows, ensuring ample natural light throughout the day. The contemporary kitchen is equipped with high-end stainless steel appliance, including a gas stove, catering to both everyday cooking and entertaining. Double car garage with Ev charging and a balcony on the second level, providing additional outdoor space with gas hookup and you can also enjoy the community's dedicated amenities. More details
    Listed by Century 21 Coastal Realty Ltd.
    AMAR SHAN
    DANA BALAN
  • 8519 201 Street, Langley - Willoughby Heights

    8519 201 Street Willoughby Heights Langley V2Y 0G9
    Main Photo: 8519 201 Street, Langley - Willoughby Heights
    $999,900
    Residential
    Status:
    Active
    MLS® Num:
    R2989627
    Bedrooms:
    3
    Bathrooms:
    3
    Floor Area:
    1,941 sq. ft.
    This spacious three bedroom townhome is designed with a separate space for everyone. Access your home through your own private garage within the underground parkade or from your street facing front door. This home features a family room on the lower level perfect for a media room, second level has kitchen with an eat in nook space, Fulgor Milano appliances and access to your fully fenced front and rear yards, third level has the secondary bedrooms with their own bathroom and the 4th level is a private primary bedroom retreat with its own private patio with west facing views! These homes have access to all of the amenities within The Towers including fitness facilities, lounge space, sportcourt, putting green, dog park, etc. Book your appointment now! More details
    Listed by Macdonald Realty (Surrey/152)
    AMAR SHAN
    DANA BALAN
  • 32 17516 4 Avenue, Surrey - Pacific Douglas

    32 17516 4 Avenue Pacific Douglas Surrey V3S 0R9
    OPEN HOUSE: May 31, 2025
    01:00 PM - 02:30 PM PDT
    Open House on Saturday, May 31, 2025 1:00PM - 2:30PM
    Main Photo: 32 17516 4 Avenue, Surrey - Pacific Douglas
    $1,059,000
    Residential
    Status:
    Active
    MLS® Num:
    R2989709
    Bedrooms:
    3
    Bathrooms:
    2
    Floor Area:
    1,452 sq. ft.
    Douglas Point. Ideal gated retirement community, quiet location in complex, private fenced sunny east exposed rear yard. Double garage. One RV parking Stall, included. Loads of guest parking. Well maintained 1,452 sq. ft. 3 bedrooms, 2 baths, including walk-in spa bathtub. Features high and vaulted ceilings, floor to ceiling windows, wide plank flooring. Livingroom gas fireplace. Two sets of double doors open to partially covered backyard expansive sundeck. Large kitchen bar island, granite tops, updated cabinets and fixtures. Updated quartz bath counters and fixtures. Elaborate club house, all ages, 1 dog or 1 cat welcome. New roofs and new fence coming. Steps to shops, golf course, Peace Portal Park, Douglas Elementary and bus to Earl Marriot High School. OPEN HOUSE - SAT, MAY 31 @ 1-230 More details
    Listed by Homelife Benchmark Realty Corp.
    AMAR SHAN
    DANA BALAN
  • 19 7380 Minoru Boulevard, Richmond - Brighouse South

    19 7380 Minoru Boulevard Brighouse South Richmond V6Y 1Z5
    Main Photo: 19 7380 Minoru Boulevard, Richmond - Brighouse South
    $1,099,000
    Residential
    Status:
    Active
    MLS® Num:
    R2958854
    Bedrooms:
    4
    Bathrooms:
    4
    Floor Area:
    1,928 sq. ft.
    Welcome to Maple Court, located in the desirable Brighouse South area.2023the seller completed a full renovation, featuring new engineered hardwood floors, fresh paint, a modernized kitchen, and updated bathrooms.This spacious townhouse offers over 1900 square feet of living space, including 4 bedrooms, 2 full bathrooms, 2 half bathrooms, and 3 balconies with north/south exposure. The large living and dining rooms feature 10-foot ceilings, large windows, a gas fireplace, and a side-by-side double car garage.Additional features include in-suite laundry, 3 parking spaces, pet allowance with restrictions, and no rental restrictionsLocated within the catchment areas of Richmond Secondary School (with an IB program)and Ferris Elementary School.OPEN HOUSE: May 18(Sun) 2pm to 4pm More details
    Listed by RE/MAX Crest Realty
    AMAR SHAN
    DANA BALAN
  • 2 6551 No. 4 Road, Richmond - McLennan North

    2 6551 No. 4 Road McLennan North Richmond V6Y 2T2
    OPEN HOUSE: May 31, 2025
    02:00 PM - 04:00 PM PDT
    Open House on Saturday, May 31, 2025 2:00PM - 4:00PM
    OPEN HOUSE: Jun 01, 2025
    02:00 PM - 04:00 PM PDT
    Open House on Sunday, June 1, 2025 2:00PM - 4:00PM
    Main Photo: 2 6551 No. 4 Road, Richmond - McLennan North
    $1,099,000
    Residential
    Status:
    Active
    MLS® Num:
    R2998337
    Bedrooms:
    4
    Bathrooms:
    3
    Floor Area:
    1,239 sq. ft.
    Welcome to this well-maintained 3-level townhouse offering 4 bdrms, 2.5 baths at a central location of Richmond. Features includes 9' ceiling on main, updated kitchen, many built-in cabinets for storage, radiant heating, gas F/P, stainless steel appliances, granite countertops, crown moulding & double tandem garage with nicely built-in cabinets. MacNeil Secondary is just next door & walking distance to Anderson Elementary, Garden City Community Park. This part of No.4 road has no bus route. Strata council allow AC installation. Just minutes drive to supermarket, Richmond centre and etc. OPEN HOUSE May 31st and June 1st, 2-4pm. More details
    Listed by RE/MAX Crest Realty
    AMAR SHAN
    DANA BALAN
  • 31 1370 Riverwood Gate, Port Coquitlam - Riverwood

    31 1370 Riverwood Gate Riverwood Port Coquitlam V3B 7V7
    Main Photo: 31 1370 Riverwood Gate, Port Coquitlam - Riverwood
    $1,199,900
    Residential
    Status:
    Active
    MLS® Num:
    R3000909
    Bedrooms:
    3
    Bathrooms:
    3
    Floor Area:
    1,708 sq. ft.
    Welcome to Addington Gate! Beautifully updated, CORNER UNIT 3 bed, 3 bath plus Loft Townhome in popular Riverwood area! This home is the perfect blend of style, comfort, & convenience. Ideal for the growing family! Bright & airy, open concept living/dining, 16' high ceilings, large windows allowing an abundance of natural light. Kitchen boasts modern features and flows seamlessly into the sunny family room & sliders to your Large private yard-ideal for summer BBQ's,or a quiet evening retreat.Perfect for entertaining! Upstairs offers a Spacious Primary bed,2 full baths, additional 2 beds plus BONUS loft area-perfect office, play-room, extra lounge space. Prime location! Steps to all schools ,shopping, transit, recreation!. All the space & flexibility you've been looking for! O/H Sun 2-4! More details
    Listed by RE/MAX Sabre Realty Group
    AMAR SHAN
    DANA BALAN
  • 63 50 Panorama Place, Port Moody - Heritage Woods PM

    63 50 Panorama Place Heritage Woods PM Port Moody V3H 5H5
    OPEN HOUSE: May 31, 2025
    02:00 PM - 04:00 PM PDT
    Open House on Saturday, May 31, 2025 2:00PM - 4:00PM
    OPEN HOUSE: Jun 01, 2025
    02:00 PM - 04:00 PM PDT
    Open House on Sunday, June 1, 2025 2:00PM - 4:00PM
    Main Photo: 63 50 Panorama Place, Port Moody - Heritage Woods PM
    $1,248,000
    Residential
    Status:
    Active
    MLS® Num:
    R3008633
    Bedrooms:
    4
    Bathrooms:
    4
    Floor Area:
    1,820 sq. ft.
    BRIGHT & BEAUTIFULLY UPDATED TOWNHOUSE IN THE HEART OF HERITAGE WOODS! This spacious 4 bed, 4 bath home backs onto a peaceful greenbelt and offers a bright open-concept layout, gorgeous HW flooring and high-end finishes throughout. The chef inspired kitchen features Silestone counters, custom cabinetry, large island, s/steel appliances, and a spacious patio! Upstairs has a serene primary suite, large W/I closet and spa-like ensuite.The basement has a generous sized rec room or 4th bedroom and full bath—perfect for guests or a home office! The finished DBL garage has custom built-ins and flooring. Complex has a new roof/fencing. Located in a top-tier school catchment with a true community feel, this home is move-in ready! OPEN HOUSE (1 - 4pm) May 31 & June 1 . More details
    Listed by Royal LePage West Real Estate Services
    AMAR SHAN
    DANA BALAN
  • 57 W 12th Avenue, Vancouver - Mount Pleasant VW

    57 W 12th Avenue Mount Pleasant VW Vancouver V5Y 1T4
    Main Photo: 57 W 12th Avenue, Vancouver - Mount Pleasant VW
    $1,499,000
    Residential
    Status:
    Active
    MLS® Num:
    R2953456
    Bedrooms:
    5
    Bathrooms:
    2
    Floor Area:
    2,128 sq. ft.
    57 W 12th Ave in Vancouver is a side-by-side half duplex built in 1982, offering approximately 1,813 square feet of living space. The property features five bedrooms and two bathrooms, making it suitable for larger families or those desiring extra space. Additionally, there's a 335-square-foot workshop, catering to hobbyists or those in need of extra storage. The master bedroom includes a 165-square-foot deck, providing a private outdoor retreat. The property also offers two parking spots. Located in a highly walkable and bike-friendly area, the home boasts a walking score of 95 and a biking score of 97, indicating easy access to nearby amenities. Note this is in a area poised for REDEVELOPMENT, making it a great Investment! Next Door Duplex Available As Well As 93-97 W.12th (4Plex) More details
    Listed by Century 21 Coastal Realty Ltd.
    AMAR SHAN
    DANA BALAN
  • 53 W 12th Avenue, Vancouver - Mount Pleasant VW

    53 W 12th Avenue Mount Pleasant VW Vancouver V5Y 1T4
    Main Photo: 53 W 12th Avenue, Vancouver - Mount Pleasant VW
    $1,499,000
    Residential
    Status:
    Active
    MLS® Num:
    R2954612
    Bedrooms:
    5
    Bathrooms:
    2
    Floor Area:
    2,128 sq. ft.
    Discover this expansive 2,128 sq ft townhouse featuring 4 bedrooms and 2 bathrooms, offering ample space for comfortable living. Situated in Vancouver's vibrant Mount Pleasant neighborhood, this home boasts a remarkable walk score of 95 and a bike score of 97, ensuring unparalleled access to local amenities. Enjoy the convenience of being steps away from the eclectic shops and eateries of Main Street and Cambie Street, as well as the Broadway hub with its SkyTrain access. The property showcases West Coast flair with vaulted ceilings, skylights, and a private 335 sq ft workshop. Relax on the 165 sq ft deck adjoining the spacious master bedroom. Additional perks include two parking spots and proximity to parks and cultural venues, making this a rare opportunity in a sought-after location. More details
    Listed by Century 21 Coastal Realty Ltd.
    AMAR SHAN
    DANA BALAN
  • 1 1900 Indian River Crescent, North Vancouver - Indian River

    1 1900 Indian River Crescent Indian River North Vancouver V7G 2R1
    Main Photo: 1 1900 Indian River Crescent, North Vancouver - Indian River
    $1,760,000
    Residential
    Status:
    Active
    MLS® Num:
    R2988757
    Bedrooms:
    3
    Bathrooms:
    3
    Floor Area:
    2,646 sq. ft.
    Exclusive Opportunity in Tiffany Pines! Experience the luxury of a gated community with only 23 desired residents on a private 4-acre estate. Nestled between Indian River Crescent and Indian River Drive, this exceptional property is one of only five detached homes, offering unmatched privacy and elegance. Recently renovated from top to bottom, this exquisite home features updated plumbing, a modern open kitchen, stylish bathrooms, and stunning flooring throughout. With its spacious layout and inviting outdoor areas, this home is perfect for entertaining guests, making every gathering with family and friends a memorable occasion. This home offers a vibrant North Shore lifestyle in a desirable North Vancouver District area. OPEN HOUSE SAT MAY 17TH 1-3 PM More details
    Listed by Royal LePage Global Force Realty
    AMAR SHAN
    DANA BALAN
  • 112 5958 Iona Drive, Vancouver - University VW

    112 5958 Iona Drive University VW Vancouver V6T 2L2
    Main Photo: 112 5958 Iona Drive, Vancouver - University VW
    $1,888,000
    Residential
    Status:
    Active
    MLS® Num:
    R2894339
    Bedrooms:
    4
    Bathrooms:
    4
    Floor Area:
    2,257 sq. ft.
    Well maintained 2257 sf concrete townhome locates at "Chancellor Place" in UBC. It features S/S appliances, new fridge, granite counter tops, rich dark hardwood floors, gas F/P, marble finishing in bathrooms. ** It offers 2 bedroom, 2 bathrooms and laundry room upstairs **; Living room, dining room, bathroom on main with private patio and a BBQ outlet that looks out to reflecting pond. Basement with living room and two extra bedrooms for rental opportunity with separated exit. Outside with great views in the private fenced yard. Steps to UBC, recreation center, buses and BC's top school U-Hill. Walk to forest and beaches. Show by appointment only. More details
    Listed by Luxmore Realty
    AMAR SHAN
    DANA BALAN
  • 7465 Laurel Street, Vancouver - South Cambie

    7465 Laurel Street South Cambie Vancouver V6P 6Y4
    Main Photo: 7465 Laurel Street, Vancouver - South Cambie
    $1,899,000
    Residential
    Status:
    Active
    MLS® Num:
    R2954229
    Bedrooms:
    4
    Bathrooms:
    4
    Floor Area:
    2,263 sq. ft.
    Churchill Gardens is a beautifully crafted development by Polygon. This spacious corner townhome is nestled in a peaceful South Cambie neighbourhood and features 4 bedrooms, including a generously sized master bedroom with a full ensuite and ample closet space, as well as a large lower bedroom with its own ensuite. The home offers 3 full bathrooms, a powder room, a private front entrance with a patio, and a side-by-side double garage. Just steps to Sir Winston Churchill Secondary(with IB and arts mini programs), Laurier Elementary, Oak Park, and Marpole Oakridge Community Centre. With easy access to the Canada Line, Marine Gateway’s shops and restaurants, Oakridge Centre, and Vancouver International Airport. More details
    Listed by RE/MAX Crest Realty
    AMAR SHAN
    DANA BALAN
  • 101 3636 W 39th Avenue, Vancouver - Dunbar

    101 3636 W 39th Avenue Dunbar Vancouver V6N 0E8
    OPEN HOUSE: Jun 01, 2025
    02:00 PM - 04:00 PM PDT
    Open House on Sunday, June 1, 2025 2:00PM - 4:00PM
    Main Photo: 101 3636 W 39th Avenue, Vancouver - Dunbar
    $1,990,000
    Residential
    Status:
    Active
    MLS® Num:
    R2978618
    Bedrooms:
    2
    Bathrooms:
    3
    Floor Area:
    1,531 sq. ft.
    This 1531 SF beautifully designed two in-suite bedrooms plus flex concrete townhouse located at Dunbar & 39th. It has 2.5 bath, 267 SF balcony & private 2 car garage with direct access to your home. Features include Miele integrated appliances including gas stove, wine fridge, h/w floors throughout, quartz countertops, 9 ft ceilings, A/C, full size W/D, custom closets w/millwork, & roller shade blinds. Amenities include front desk concierge service & rooftop patio area equipped with outdoor bbq & kitchen, seating & dining areas. More details
    Listed by Home Park Realty Ltd.
    AMAR SHAN
    DANA BALAN
  • 4098 Forest Street, Burnaby - Burnaby Hospital

    4098 Forest Street Burnaby Hospital Burnaby V5G 1X1
    Main Photo: 4098 Forest Street, Burnaby - Burnaby Hospital
    $1,999,000
    Residential
    Status:
    Active
    MLS® Num:
    R2990622
    Bedrooms:
    4
    Bathrooms:
    4
    Floor Area:
    1,907 sq. ft.
    The most lux 1/2 duplex in prime Burnaby Hospital location with well kept 5 bdrms, 3.5 baths, and 1 bdrms on main can be rented out potentially with individual entrance. Situated on a desirable area , having fabulous backyard, granite countertops, stainless steel appliances. Minutes to BCIT/Metrotown/Boundary/Moscrop High School. Must see. open house on Sun 2-4pm More details
    Listed by LeHomes Realty Premier
    AMAR SHAN
    DANA BALAN
1-20/21
Data was last updated May 29, 2025 at 04:05 AM (UTC)
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Greater Vancouver Townhouse Prices Dropping

Affordability and availability are driving many buyers who would normally be candidates for detached homes to consider townhouses instead.   Affordability will, of course, be helped by townhouse prices dropping; but will townhouse prices drop in 2023?

Purchasing a home is still a huge challenge for most residents in Greater Vancouver.  At current interest rates, a first time homebuyer earning the media household income of $75,000 will only qualify for a $300,000 mortgage.  That’s far short of the benchmark price of $695,000 published by the Real Estate Board of Greater Vancouver.  Our hypothetical household would have to save up $395,000 cash to purchase that condo!   Short of a very generous gift from the bank of mom and dad, saving this much money is beyond the ability of most households – particularly given how much faster house prices have been rising than savings!

But what about older households who have been saving longer, or more affluent buyers?  Consider the data from Statistics Canada:

Household Income % of Population Can afford…?
$200,000 and over 12.6% Over $850,000
$150,000 – $199,999 9.8% $620,000-$850,000
$100,000 – $149,999 17.8% $395,000-$620,000
$50,000-$99,999 30.1% $165,000-$395,000
Under $50,000 29.7% <  $165,000

The price of a “representative” townhouse is over $1 million, meaning that less than 10% of first time buyers can step directly into townhouse ownership.

In the distant past, young families bought a detached home as their “starter”.   More recently, young families might have started with a condo, then stepped directly into a detached home.   Today, however, the price gap between condos and detached homes is simply too great.   Townhouses provide a more affordable, and indeed sustainable, option for families to grow into.

Consider the volume of sales over the past 3 years:

There is a seasonal fluctuation in sales that you have to look past.  However,  the volume of sales in the same month has been declining for the past 3 years.  So will townhouse prices drop in 2023?   It’s certainly possible that as sales volumes drop due to affordability issues, the prices may also decline.   The wildcard, however, is the level of immigration.   The federal government appears determined to increase immigration year after year and since they prefer wealthier immigrants, the supply of new buyers from outside the country may offset the decline in buyers due to affordability.

Are townhouse prices going down?   They may, but economists seem to agree that if they do, the decline will be short lived.   Consider townhouse prices dropping as a chance to buy into the market at a discount!

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