Metro Vancouver townhouse prices are projected to reach an all time high in December 2020 as condo prices slide, the early real estate data for the month show.
The OpenHousing Home Price Index for townhouse properties – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – rose 13.55% year-over-year, the December early projection shows. This represents an increase of 4.30% compared to November.
Meanwhile, the OpenHousing Home Price Index for condo properties fell 1.90% year-over-year, the December early projection shows. This represents a decrease of 1.75% compared to November.
The OpenHousing Home Price Index for detached properties rose 10.95% year-over-year, the December early projection shows. This represents an increase of 1.07% compared to November.
The divergence appears to be a result of homebuyers eschewing condos in favour of more spacious detached homes and townhouses.
The price movements are consistent with market activity, as the sales-to-new-listings (SNL) ratio for the detached and townhouse segments rebound sharply after a brief dip witnessed earlier in the year.
In contrast, the SNL ratio for the condo segment, which fell sharply as pandemic-related lockdown measures were introduced earlier this year, has shown no signs of recovery.
The OpenHousing Home Price Index covers Vancouver, Richmond, Burnaby, West Vancouver, New Westminster, North Vancouver, Delta, Surrey, Port Moody, Coquitlam, Port Coquitlam, Pitt Meadows, Maple Ridge, Lions Bay, Bower Island, Anmore, and Belcarra, Langley and White Rock. Data for Vancouver also include University British Columbia and University Endowment Lands.
