New Westminster and Port Moody Housing Price Comparison

The G+D Realtors have been noticing a shift in the number of homeowners moving to the communities east of Vancouver in search of larger properties, more outdoor space, and more affordable prices.

James and Denny compare real estate over the last ten years in two of these surrounding cities: the charming inner-city suburb of New Westminster to the beautiful mountainous city of Port Moody.

This episode will focus on peak pricing in these regions, the difference in sale prices of comparable properties, the benefits that each city offers, and where the best investment opportunities and highest rent can be found.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on SpotifyiTunes & YouTube.

Current Mortgage Trends and What you Need to Know w/ Alex McFadyen

Getting approved for a mortgage and securing a low interest rate is an important part of buying a home.

James and Denny welcome Alex McFadyen from Thrive Mortgage Co. to the podcast for an update on current mortgage trends.

This episode will focus on who will be most affected by the upcoming mortgage stress test, the benefits of a basement suite, the qualifying process for big banks, fixed versus variable rates, the importance of good credit history, and the risks of making a subject free offer.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on SpotifyiTunes & YouTube.

Market Update Spring 2021: Is the Market Finally Slowing Down?

In the last 30 days, the G+D team has experienced an abrupt shift in the market as more properties become available after months of few listings.

James and Denny summarize what they have seen recently compared to the highly competitive, subject free and multiple offer situations they encountered at the beginning of the year.

This episode will focus on the difficulty of evaluating a property in this current market, the importance of setting a reasonable listing price as more properties go up for sale, the significant jump in single-family home sales in the last four months, and the debate on whether the government will introduce a new tax for homeowners.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on SpotifyiTunes & YouTube.

New Construction Opportunities in Vancouver

New construction in the Greater Vancouver Area offers great incentives and lower deposits for potential home buyers. Even so, how can you be sure that buying new construction is the best move for you?

James and Denny weigh in on the pros and cons of investing in pre-built homes and share past experiences with this type of property.

This episode will focus on the significance of a developer’s reputation when considering new construction, the benefits of a seven-day rescission period, the permitted size and layout changes during construction, paying 5% GST on top of the purchase price, and the 2-5-10 year warranty.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on SpotifyiTunes & YouTube.

5 Tips to Avoid Buyer Fatigue in a Seller’s Market

What is Buyer Fatigue?

We are currently experiencing a hypercompetitive seller’s market with low inventory and many active buyers. This quickly spirals potential home-buyers into the frustrating realm of buyer fatigue. Buyer fatigue refers to buyers who have seen so many properties, written too many unsuccessful offers, and are flat out exhausted with the buying process. Searching for the dream home can be an exhaustive undertaking and when you are losing out time and time again you start to feel like you will never win a bid.

Where Does This Fatigue Come From?

Buyer fatigue sneaks up on house hunters that want to start slow and take their time feeling out a hot market. Possibly based on their family or friends’ advice, they may make a cautious initial offer on a home with the hopes of strengthening it if it’s rejected. Unfortunately, listening to someone who is not familiar with the market can lead you into disappointing territory.

When buyers are skeptical of market advice and don’t capitalize on opportunities to write winning offers, they can waste crucial weeks, or even months, in a damaging cycle of submitting offers, getting rejected, modifying offers, getting rejected again, then starting all over with the next property. Listening to a knowledgeable Realtor can help you navigate through this process in a more efficient way.

The Greater Vancouver housing market is extremely competitive. The current market value in most neighborhoods is quickly increasing and the sale price of each condo, townhouse, or single-family home sets the precedent for the next one in that neighborhood. New home buyers can fear overpaying when advised to bid above the asking price on their first offer. The cold hard truth is that some houses are selling for upwards of $100,000 over the asking price. Sellers have the leverage and the luxury to pick whichever offer has the highest price and the fewest subjects.

Buyers have to learn quickly! If you take too long adjusting to the market conditions, buyer fatigue is going to set in. Unfortunately, desperation can also kick in at this point.

The biggest bummer of this whole process is that when the buyer finally does buy a home, they may long for the one that got away!

5 Tips to Boost Your Defense Against Buyer Fatigue:

  1. Hire an experienced agent you can trust! This means that right now may not be the best time to try out your cousin who just got licensed. Choose an agent who can balance writing a winning offer and protecting your interests. Select someone who clearly communicates and takes the time to explain the risk in waiving subjects.
  2. Speak with a mortgage specialist to help you get the most out of your money. They can walk you through the best type of financing for your individual situation and share helpful tips based on their knowledge of the industry.
  3. Get fully and thoroughly pre-approved! Get pre-approved before making an offer. Make sure to complete all the paperwork you can ahead of time.
  4. Don’t be afraid to go ALL IN with your first offer. Know that it is okay to fall in love with the first house you make an offer on. Remember that subjects can be removed if due diligence was properly done before writing an offer. Having an experienced agent to guide you through these decisions is vital.
  5. Consider updating your wish list. If you have lost out in previous offers, speak with your agent about reevaluating your wish list. You can increase the number of potential homes by broadening your preferred neighborhoods or updating the minimum property size (just to name a few). Additionally, the properties in less popular areas may have reduced audiences which lowers the amount of competition.

Next Steps for Success

While waiting for a showing or in preparation for your next offer, listen to our most recent podcast episodes to equip yourself with the information you need to help land your dream home:

The Right Questions to Ask Listing Agents When Buying a Home

Buyers Beware: Unpermitted Renovations

Market Update: The Growing Demand for Detached Houses

It is important to know that buyer fatigue can happen to anyone, even experienced buyers.  Align yourself with a proven and trusted team. Our hope is that you will find the home of your dreams before the fatigue sets in!

Episode #51 – How Realtors Can Effectively Prepare Buyers in a Competitive Market

Purchasing a property in the very competitive Greater Vancouver Area can be a frustrating process for buyers if they are unaware of current conditions.

James and Denny share how realtors can help their clients set realistic expectations and effectively prepare for buying in this busy real estate market.

This episode will focus on initial conversations realtors should have with new clients, the importance of communicating with listing agents, the benefits of working with a mortgage specialist, and the significance of ensuring proper due diligence is done behind the scenes to ensure clients make the best offer.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on SpotifyiTunes & Youtube.

10 Steps to Buying a House in BC

You have found your dream home and are wanting to put in an offer. Watch this video from 2016 and review the updated list of 10 due diligence steps you should take to ensure you can move forward with confidence in 2021.

1. Find Out How Much you Can Afford

A mortgage broker or a mortgage specialist at your bank can take you through the steps to get pre-approved for a mortgage. A good mortgage pre-approval accurately measures your financial qualifications and how much house you can afford. Furthermore, the financial institution will provide a 90 or 120-day guarantee of its mortgage rate in case those rates jump while you are shopping. For more information on mortgage pre-approvals, visit the Government of Canada website.

It is important to note that a pre-approval isn’t a firm approval. When you’re ready to make a purchase, the lender will likely want to appraise the property to ensure that you’re paying market value and the property has an adequate lifespan. If the purchase price is well above market value or the home is deemed to have a short life expectancy, you may require a higher down payment. In some cases, the bank may not give you a mortgage at all.

When setting your budget, do not forget to factor in costs like closing fees and maintenance or repairs. Another cost to consider is condo strata fees.

2. Go to City Hall

Another due diligence step is to request any information City Hall may have on record about the property such as its zoning, lot dimensions, permits that have been issued or any future plans for the surrounding area. Checking the zoning is especially important if you’re planning to operate a business out of your residence, renovate or redevelop, or rent a suite in the home. Review all extensive renovations for proper permits.

3. Request a Property Disclosure Statement

While property disclosure statements are not required under BC law, realtors will often ask for one from the property’s current owner so they can give buyers as much detailed information about a property as possible. The property disclosure statement is a three-page document that itemizes potential problems like renovations done without a permit, unauthorized rental suites, asbestos insulation, unregistered easements or whether the seller is aware of any issues like the presence of an underground oil tank, moisture problems, if the property was ever used as a grow op, or if it has ever been designated as a heritage site. The statement can be legally incorporated into the contract for purchase and sale.

4. Do a Title Search on the Property

A title search will confirm whether the person selling you their property is actually the rightful owner. It will also determine whether there are any easements, right-of-ways, or covenants against the property that could affect its future development. It will show if there are liens or outstanding mortgages on the property. Click here for more information.

5. Ask for a Site Survey

A site survey will tell you what you are buying. It shows the property lines, how the property is aligned with neighbouring properties, and features like roads or sidewalks. It will also show where the house is positioned on the property. A lender will often require a survey certificate as part of their mortgage requirements. In some cases, the lender will request a title insurance policy instead of a survey certificate, and sometimes they will ask for both. Title insurance protects the lender against potential issues with a property such as encroachment or past fraud.
For more information about site surveys, visit the BC Land Title & Survey website.

6. Find out the Home’s Utility Expenses

Another due diligence step is finding out the home’s utility expenses. Utilities include gas, electrical, annual solid waste, water and sewer levies, and property taxes. Your realtor can request utility bills from the property’s current owner. Water/sewage rates as well as the taxes for a particular property can usually be found on a municipality’s website.

7. Hire a Home Inspector

A qualified home inspector will walk through and around the property to assess any major defects, safety concerns, or potential threats to the integrity of the home. Keep in mind that there are limitations to these inspections as they cannot see behind walls.

In a hot market it can be difficult, even impossible, to purchase a home with a “subject to inspection” clause. When this is the case, hire an inspector before presenting an offer. When you’re considering the qualifications of a home inspector, assess their knowledge, experience, training, certification, licensing and their level of participation in the industry. For more information, listen to our podcast episode on the benefits of working with an experienced home inspector.

8. Consult a Home Insurance Provider and Purchase a Home Warranty

Most lenders are going to require you to have insurance in place in order to get a mortgage. Home insurance helps pay for structural damage and loss of personal property from emergencies like theft or fire. If you’re buying an older home that has a wood-burning fireplace or knob-and-tube wiring, you may encounter some issues getting insurance or have to pay higher premiums. Insurance companies can deny coverage if the property has been poorly maintained or vacant for an extended period of time. Renovations could also affect your ability to get an insurance policy. Remember that events like sewer backups and earthquakes are not typically included in basic policies.

A home warranty covers the repairs and replacements of your home’s major systems and appliances when they fail from old age. Carry out thorough research to compare different companies to find the best plan that meets your family’s future needs.

9. Check for a Buried Oil Tank

If you are purchasing an older home, your due diligence should include confirming there is no oil tank buried on the property. Many homes used an oil-burning furnace that was fueled from a tank buried somewhere on the property before the widespread adoption of natural gas or hydro for heating.

Some municipalities keep records of properties known to have oil tanks, or those that have had old tanks decommissioned. This is a great place to start.
New Westminster: call the fire prevention office to see if they have anything on file for your property
Burnaby: send an email to fire@burnaby.ca
Vancouver: call the city’s information line at 3-1-1 to check if there are any records for oil tank removals or abandonments
Coquitlam: call Coquitlam Fire & Rescue at 604-927-6400 to have them check their records

If those searches come up empty, you’ll have to check with the current owner to see if they have had the property scanned for an oil tank, or else hire a company that can do the scan. A basic scan will cost you between $80 – $150. It includes a technician scanning the property with a metal detector and probing device. For a more accurate and detailed scan, consider a company that uses Ground Penetrating Radar (GPR). Low clearance decks and metal debris may affect the ability to get a conclusive scan.

The decommissioning and removal of old oil tanks is labourious and expensive, especially if it’s leaking oil into the soil. Be aware that if a tank is discovered after you’ve acquired the property, you will be responsible for its removal as well as any remediation for the surrounding soil. Visit the British Columbia website for more information about residential heating oil storage tanks.

10. Confirm all the Items Included in the Sale

Unless specifically written into the contract, appliances like the stove, refrigerator, dishwasher or microwave may not included in the purchase. Garage remotes, window coverings, curtains, keys, sheds, appliances and corresponding warranty manuals, potted plants, shelving units that aren’t attached to walls are all items that should be specifically written into a contract. The inclusion of fixtures like TV mounts, blinds, security systems, hood fans and central vacuum systems should also be clarified.

It is also a great idea to research the neighbourhood and find out more information about where you will be living. Mapping out your daily commute to work, finding the best shopping centers and stores, and getting a better feel for your neighbours is a great start.

Once your due diligence checks out and you are confident in your purchase decision, you can remove subjects, submit your deposit, and wait for the day when you get the keys to your new home!

How we Helped a Family Sell a Townhouse and Condo to Buy their Dream Detached House

This is the story of a family selling two strata properties and coming together to buy a multigenerational dream detached house in a scorching-hot market. We will rename them the Smith Family for the purposes of this blog post.

Currently, we are knee-deep in a Seller’s Market, and desirable, well-priced properties are flying off the shelf. While detached houses are selling quickly with overbooked showings and multiple offers, the buyer’s side is very competitive. Buyers may lose out on several houses before winning the bid. So, what does this mean for those wanting to buy AND sell?

Searching for the Dream Detached House

It was an advanced magic trick that required trust, timing, and finesse to secure this three-part deal for the Smiths. We had been searching for the perfect multigenerational home for the Smith family for over a year in the Port Moody real estate market. It was a slower Buyer’s Market when we started shopping so we had more time and less pressure to visit local showings. Unfortunately, the right product was nowhere to be found.

The Smith family was looking for:
– A completely above-ground in-law suite that felt like part of the main home.
– A property in the Heritage Mountain, Port Moody area to stay close to friends and family.

We found a few potential homes in the summer of 2020, but the market was starting to shift. We put in offers on 3 or 4 houses but lost out in multiple offer situations because we had Subject to Sale of TWO properties. 

Finding the Dream Home

Being Port Moody realtors, we had the advantage of regularly being in the area. We continued to keep an eye out for any new listings that fit the bill. It took time and patience, but a few weeks ago we finally found THE DREAM HOME! The Smith family was willing to do anything to get this house. The property was $200,000 over budget (and in our opinion a little overpriced), but otherwise perfect. My real estate partner Lucas and I discussed this purchase many times and it all boiled down to timing. 

Sale #1: How we Won the Dream Detached House

The dream detached house with a SOLD sticker

It is a challenge to negotiate dollars off the purchase price in a Seller’s Market. Our plan was to present the offer in a way that would convince the Seller that this is a win for all of us. We put our offer together with an extensive Comparative Market Analysis (CMA) arguing our case for the purchase price and a personal letter from the family.

We decided to drop the Subject to Sale of the townhouse because we had a good feeling about where the market was at for this type of property.

After a few cleanup items and a fair conversation with the Listing Realtor, the Seller accepted our offer! The house had been listed for over a year, and the family wanted it sold.

Condo and Townhouse for Sale

Now came the scary part: we needed to sell, and we needed to sell fast. With only two months until completion (the day you pay for the home), there was not a lot of time to test out the market. We priced their Westwood Plateau condo and Heritage Mountain townhouse at the top end of market value. This meant that we had to bring the heat with marketing their homes!

The townhouse in Port Moody was very popular, so we decided to give it 2 weekends on the market before looking at offers. This strategy was nerve-wracking and definitely tested our patience. For the condo in Coquitlam, we opted to look at the offers as they came. We put the condo on the market one week before the townhouse, as we knew it could potentially take longer to sell.

Sale #2: Offer time for the Cascade, Coquitlam condo

Two real estate agents standing in front of a sold condo in Coquitlam

The day before we were going to drop the condo price, we received an offer! We negotiated the price up to a very acceptable range: $5,000 higher than the price drop that was scheduled. Just to note, the contract did come with some subjects.

Sale #3: Offer time for the Discovery Ridge, Port Moody Townhouse

Two realtors standing in front of a sold townhome in Port Moody

We were scheduled to present offers on the townhouse in Port Moody the very next day. We received 8 offers after 45 buyer showings. Two of those offers really stood out. All buyers were given a chance to put their best foot forward and, in the end, we had a winner!

I want to take a quick break here to let you know that the winner was the LAST BUYER to view the property. We may have easily left money on the table if we had not given every person a chance to see the home.  

Once we had our winner, we negotiated the exact dates we needed for Completion/Possession to line up with the dates on the Smith’s DREAM detached house purchase. We also managed to slip in a very clever subject protecting the Sellers in case subjects did not get removed on the condo sale.

Are you still with me? To break it down, we put in a Subject to the Seller entering into an unconditional contract to purchase a new residence. This type of subject typically does not work in a buyer’s market, but we knew the moment was right and had the expertise to present it to the buyers in a way that made it feel like a win-win. We agreed to let the buyers do some due diligence during that time AND we got the 2nd best offer to agree to be in a Back-Up Offer position. This way, if the first offer fell through for any reason, we had another one on deck!

Putting up SOLD Stickers on THREE Properties

When Subject Removal day arrived, we were excited to remove subjects on all 3 properties. Our plan worked perfectly!

How were we able to quickly sell the strata properties? The major keys were market timing, appropriate price, and prepared real estate agents. Having the strata documents ready, all paperwork in order, and thoroughly reviewing the documents prior to listing gave buyers a sense of confidence. Buyers have a much higher rate of removing subjects when realtors can answer every question with clarity. This is extremely important. 

Goodbye strata life!

The Smith family is packing for the big move that is set to take place in just a few short weeks. Our real estate team is delighted for this family and so grateful that they put their trust in us. 

Congratulations to our amazing clients on your dream detached house in Port Moody!

Vancouver Housing Market Recap and 2021 Predictions

The real estate industry fluctuated throughout the 2020 year, finishing strong during the fall and early winter months. The last Garbutt and Dumas recap was done in June 2020 which marked an uncertain time with little data to help with future predictions.

Fortunately, there was an increase in activity and September was a record-breaking month for the Garbutt and Dumas realtors (with November being a close second). Rates are low, higher priced properties are starting to move, and land value is increasing.

In September:

  • Single-family homes went from slow-selling to outrageously active
  • Condos remained relatively slow unless they had a strong selling feature (like great view or good neighborhood)
  • Big trend towards upsizing. Buyers are wanting more space!
  • Multiple offers for certain listings (depends on how saturated the market is in that area)
  • The number of homeowners moving out of downtown Vancouver to the surrounding cities is still increasing
    • Driven by affordability
    • Includes Langley, Tsawwassen, Sunshine Coast, and the Okanagan
    • Communities with little population will double in a relatively small amount of time
    • This movement will keep the market busy for years to come
  • Downtown Vancouver market remained slow
    • Buyers finding larger and newer condos in Brentwood for the same price

What makes the market climb?

The real estate market will climb when there is a shortage of supply. When there are limited properties on the market, more buyers are looking at each one. Real estate agents may receive multiple offers on a listing, however only one can purchase the house. The other buyers must continue looking and place an offer on another property when it becomes available. As more buyers enter the market, it can become more competitive, pushing the prices to increase.  In a hot market, the offer that is subject free and has a deposit attached will be a real contender.

There is a definite upward trend in the real estate market and here are the numbers to prove it!

A sales ratio breaks down how many sales were completed in each month compared to the total number of listings available. Townhouses had the highest sales ratio with 40% and condos had the lowest sales ratio with 20% – both are significantly high. Townhouses are in high demand and it is estimated that we will see an approximate increase in price of 10-15% by summer.

Low interest rates have also played a role in the real estate market climb. More people can now afford a mortgage and are entering the real estate market. This increases the competition and can help to boost prices. HSBC announced a 0.99 rate. This will put pressure on other big banks like RBC, TD, and Scotia Bank to make their rates more competitive. It looks as if rates will remain low!
A great tool for finding out what type of rate you will qualify for is ratehub.ca. Talk to your bank or an independent mortgage broker for a better idea on your specific situation.

our predictions for 2021:

  1. The market will be active – lots of up-sizers (due to low interest rates and wanting more space) and down-sizers (due to high prices)
  2. People will continue moving out of Vancouver into smaller cities and suburbs
  3. Port Moody, Langley, Maple Ridge, Squamish, Tsawwassen, North Vancouver, and East Vancouver will see record-high prices and sales activity
  4. Townhouses and detached houses will be hot! Value of property will continue to increase
  5. Condos will increase in price (but less so compared to houses and townhouses)
  6. More investors will be coming back

Denny’s advice: buy a house now or you may never own one!

There is a limited amount of land available for single-family/detached homes to be built on. With a decreased chance of a newer house being built in your community, there are fewer properties to compare to when looking to sell. This leads to less competitive pricing, which will in turn increase selling price over time.

It is hard to know for sure if all of our predictions will come true, but one thing is for certain: the Garbutt and Dumas realtors are looking forward to helping you navigate through all things real estate in 2021!

Listen to The Garbutt+Dumas Real Estate Podcast: 2020 Greater Vancouver Market Recap – What’s Happening Now and What to Expect Next Year episode to listen as James and Denny discuss more about what trends they have seen and their predictions for 2021.

Do you have questions regarding low-interest rates, the upsizing trend, the popularity of apartments and townhouses, and the growing appeal of moving out of the city and into the surrounding areas? We would love to hear from you – contact us and we can help you with some of the specifics.

Townhouses – 2021 Trends, and Things you Should Know

Is 2021 the Year of the Townhouse?

Townhouse supply is low, and demand is high. This is a Realtor’s opinion on townhouse trends, and things you should know. 

What is a townhouse?

Townhouses typically have a small footprint, multi-level units, shared walls with neighbours, and a separate entry. Often 3 bedrooms or more, and found in higher density neighborhoods.

Who wants them?

Townhouses are very popular with young families because they are more affordable than a house, and many have 3+ bedrooms, which is ideal for families with kids.  For many, townhouses are the next step up from a condo.  For some, such as empty nesters, townhouses are the next step down from a house.  

What are some things to consider when buying a townhouse?

Age & Size – Old or new? Small or big? Older townhouses often come with more space inside and yard space outside but watch rising maintenance expenses for upgrading items such as: exterior siding, windows, roofs, plumbing, etc.  Newer townhouses often have smaller footprints, are vertically stacked (on 3 levels), and many are narrow with a tandem garage.  Closer to the city, you’ll find more density with stacked townhouses, which have neighbouring units at the sides, below and even above, and underground parking.  Depending on the age and location, some townhouses are more like a house, and others are more like a condo.

Strata Fees & Insurance – In the days of rising insurance costs, a large townhouse could be left with an astronomical strata fee if it were associated with a tower or complex that has high maintenance and insurance costs. Townhouses at the base of condo towers, are treated like large condos (with a higher unit entitlement) and are responsible for a higher portion of the building maintenance costs. These high strata fees can devalue townhouses as many buyers are turned off by them.  Townhouse only complexes typically have much lower strata fees due to less (or no) expenses from; elevators, heating common areas, insurance, and amenities.  

Our team of realtors specialize in buying and selling townhouses

Why are we talking about townhouses?  Because they’re hot and the demand is growing!

Here are some of the latest Greater Vancouver Real Estate Board statistics for December 2020:

The ‘Home Price Index’ for a typical townhouse in the Lower Mainland is up +5.9% over the last 12 months.  For the markets we often sell in (Burnaby, Coquitlam, Port Moody, Port Coquitlam and New Westminster) townhouse prices are up between +4.0 – 6.5% over the last year. North Vancouver was the leader on the list, with a +9.2% gain over the last year.

Median Sale Prices (December 2020):

Burnaby Townhouses – $812,000

Coquitlam Townhouses – $839,000

Port Coquitlam Townhouses – $647,000

Maple Ridge/ Pitt Meadows Townhouses – $585,000

North Vancouver Townhouses – $1,099,500

East Vancouver Townhouses – $1,188,000

Fall Sales Ratios were ridiculously high! 

A ‘sales ratio’ represents the number of sales in a given month over the number of active listings, as a ratio.  A 20% sales ratio indicates 1 out of 5 listings are selling in a given month.  If a 20% or higher sales ratio is sustained in an area for a long period of time, it typically leads to upward pressure on prices. Here were some sales ratios from November & December 2020 for Townhouse:

Burnaby 71% & 119%, Coquitlam 80% & 131%, New Westminster 117% & 169%, Port Moody 136% & 211% (Nov & Dec sale ratio %)

Where are townhouses selling?

Let’s look at the number of townhouses that sold this fall:

October, November, December (Total # of Sales)

Burnaby – 214

Coquitlam – 212

Maple Ridge/PM – 217

Vancouver East – 200

North Vancouver – 143

New Westminster – 70

Port Moody – 69

Tri-Cities (Coq, PoCo, PoMo) – 368

Which townhouse complexes should I consider?

There are many great townhouse complexes throughout the lower mainland and we can’t cover them all. From a Realtor’s opinion, here are a few options to consider:

Looking for a large townhouse?

Consider ‘Tree Tops’ on Heritage Mountain.  Located at 101 Parkside Dr, Port Moody, townhouses in this complex range from 1600sf to 3500sf.  Built in the early 1990s, these Duplex style townhouses offer some of the largest floor plans for townhouses in Port Moody.  Currently, prices in this complex range from $800,000 to $1,400,000.

Popular townhouses

‘Indigo’ at 100 Klahanie Dr, Port Moody.  Built by Polygon in 2005, and centrally location in Port Moody Centre, this townhouse complex is loaded with young families and kids, and has excellent amenities with an outdoor pool at the Canoe Club.  Indigo contains mostly 3 bedroom townhouses in the 1300 to 2000 sf range.  Current prices in this complex range from $900,000 – $1,100,000.

‘Quest’ at 2200 Panorama Dr, Port Moody.  Located up the mountain in ‘Heritage Woods’ and built in 2005, Quest is surrounded by nature and trails, and is a great option for young families that want the feeling of being away from the city.  Quest contains a mix of 3 and 4 bedroom townhouses in the 1400 to 2400 sf range.  Current prices in the complex range from $800,000 – $1,000,000.

Lesser known townhouses with good value

Brookside Dr, Port Moody – Keep an eye out for these 1970s built, well maintained townhouses that offer more space at a lower price, and are in a great location in ‘Port Moody Centre’ steps from the skytrain and all amenities that Port Moody has to offer.

Falcon Dr, Coquitlam – The 1100 block of Falcon Dr has a few complexes of 1980s built townhouses that offer more space at a lower price, and are close to all perks of Port Moody, including the future Coronation Park master planned community.  Townhouses on Falcon Drive are mostly 3 bedrooms, and are currently priced in the $600,000 – $850,000 range.

What about Port Coquitlam?

‘Fremont Blue’ and ‘Fremont Indigo’ built by Mosaic around 2015 are a great option to consider.  Keep an eye out for these townhouses on ‘Ranger Lane’ in Port Coquitlam, just steps to the PoCo Trail along the Fraser River.  Mostly 3 bedrooms in the 1200 to 1700 sf range, and currently priced in the $700,000 – 900,000 range.

Some other townhouse complexes worth mentioning:

Osprey Village & Nature’s Walk – Offer some of the best options for townhouses in Pitt Meadows

Portside – New townhouse development in Queensborough built by Anthem and expected to complete in 2021.  Offer gorgeous waterfront townhouses fronting on the Fraser River.

There are far too many townhouses to cover in just one blog post, but if you would like to hear more we did a great podcast episode on this topic that you can listen to here
If you’re thinking of buying or selling a townhouse in the future and would like more information on current values or what this city has to offer, we would love to hear from you!  Contact us here and one of our realtors will show you some of the best townhouses available on the market.

G+D Realtors: Port Moody Realtors, Burnaby Realtors, New Westminster Realtors, Coquitlam Realtors, Port Coquitlam Realtors, Vancouver Realtors, North Vancouver Realtors