Vancouver townhouse sellers ‘realistic’ on price in a down market

In Vancouver’s townhouse market, sellers are adjusting their expectations amid a cooling real estate market. After years of high prices, values have started to come down and more properties are sitting on the market longer. Many sellers now realize they need to be flexible with their asking prices to attract serious buyers.

Townhouses, which offer a middle option between condos and detached houses, aren’t drawing the same kind of attention they once did. With fewer bidding wars and buyers being more cautious, sellers are listing their homes at prices that better reflect current conditions.

There’s been an increase in the number of listings, giving buyers more choice and forcing sellers to compete harder. Instead of aiming high and hoping for the best, many sellers are pricing their homes based on what similar units have actually sold for recently.

That means some are lowering their prices after sitting on the market too long, while others are choosing to list lower right from the start. They’d rather attract offers quickly than hold out and risk getting stuck with a stale listing.

Buyers are taking advantage of this shift. With more supply than demand, they’re negotiating lower prices or asking for better terms. It’s a noticeable change from just a few years ago, when the market moved quickly and in the seller’s favour.

Now, townhouse sellers are facing the reality of a slower market. Those who adjust their expectations early are more likely to sell, while those who cling to peak pricing may be left waiting. It’s a market that rewards accuracy over ambition.