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UBC Townhouse Market Insights - 2024

Considering a townhouse in the vibrant UBC area? Understanding the current market dynamics, including strata fees, and the difference between townhouses and condos, is key to a successful purchase. As a seasoned UBC realtor with 15 years of local expertise, I'm here to provide you with the latest market insights for 2024 to help you make informed decisions.

Here's a snapshot of the UBC Townhouse market:

• Price Range: Townhouses in UBC typically range from approximately $688,000 to $3,500,000. Larger or premium units can exceed this range.
• Average Size: The average size for a UBC townhouse is around 1,809 sq ft, offering comfortable living space in this desirable community.
• Average Price & Price/sq ft: The average price for a townhouse unit is approximately $1,849,786 with an average sold price per square foot of $1,130.
• Average Days on Market: Townhouses are selling relatively quickly, with an average of just 20 days on the market.

Understanding Strata Fees:

Strata fees are an important consideration for townhouse ownership. In UBC, the average strata fee for a townhouse is around $736 per month. However, it's crucial to understand that strata fees can vary significantly depending on the total area, building's amenities and overall maintenance costs.

Strata Fee per Square Foot:

A more insightful way to evaluate strata fees is by looking at the cost per square foot. The average strata fee for UBC townhouse is approximately $0.46 per square foot. This allows for a more apples-to-apples comparison between different units, regardless of their size.

Amenities and Strata Fees:

Not all buildings offer the same amenities. Some may boast a full range, including a swimming pool, hot tub, gym, on-site caretaker, guest suite, meeting room, lounge, pool table, squash court, and more. Others might have minimal or no amenities. This directly impacts strata fees. Buildings with extensive amenities typically have higher fees to cover the maintenance and upkeep of these features.

Condominiums vs. Townhouses: Key Differences

It's important to understand the difference between condominiums and townhouses. A condominium typically refers to a privately owned unit within a larger complex, like an apartment. You own the interior of your unit, but the building's exterior and common areas are owned and maintained by a condominium association, funded by strata fees.

A townhouse, as defined by the Real Estate Council of British Columbia, is "one of a group of dwellings (most often two-storey) joined together by common walls, each with its own entrance from the outside." With a townhouse, you typically own not only the interior but also the land it sits on (subject to Freehold and Leasehold considerations) and any yard or deck.

Strata Fees: Condos vs. Townhouses

Generally, condos tend to have higher strata fees than townhouses. This is often because condo buildings typically offer more extensive amenities and services. Townhouses, while having lower fees, often require more individual maintenance responsibility from the owner. Townhouses usually offer more square footage.

Finding the Right Fit:

The best way to determine whether a condo or townhouse suits your needs is to explore properties of both types. You can view current listings of UBC townhomes above. To see property locations, click the "Map" tab. You can also refine your search by price or new listings.

What this means for you as a buyer:

• Competitive Market: UBC is a highly sought-after area. Be prepared for a competitive market and have your financing in place.
• Value Proposition: Understanding the average price per square foot and strata fee per square foot helps you assess the overall value of different listings.
• Act Quickly: With a relatively short average days on market, it's crucial to act quickly if you find a property you love.
• Strata Fee Considerations: Carefully review the strata fees for each unit you consider, and understand what amenities are included. Factor these costs into your budget.

Expert Help from UBC Homes:

Sam Huang and his team of experienced Realtors at UBC Homes have been living and working in the UBC area for over ten years. We have a deep understanding of the local market, having helped numerous clients buy and sell condos and townhouses in UBC. We possess in-depth knowledge of the different buildings, including developer history, building age, construction type, and bylaw restrictions. Whether you're buying or selling a 2-bedroom condo or a townhouse in UBC, contact Sam Huang and the UBC Homes team for expert guidance.

First-Time Home Buyers:

If you're a first-time home buyer looking to purchase in UBC and have questions about obtaining a mortgage, we can connect you with a trusted mortgage broker who can assist you with pre-approval.

Looking to buy Townhouse in UBC? I can help! Contact me today for personalized advice, access to the latest listings, and expert guidance throughout the buying process. Let my 15 years of UBC real estate experience work for you.

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