Vancouver Condo vs Townhouse in 2026: Which Is the Better Buy Right Now?

I get some version of this question at least three times a week: “Should I buy a condo or a townhouse?” And in 2026, the answer is more nuanced than it’s been in years, because the two markets are moving in opposite directions.

Condo sales in Metro Vancouver fell 15.6% year-over-year in February 2026. Townhouse sales rose 7.8% over the same period. That divergence tells you something important about where buyers are putting their money — and where they’re not. The price gap between the two is roughly $338,000 right now, but the raw numbers don’t capture the full picture of what you’re actually getting for that difference.

Let me walk through the comparison the way I’d walk a client through it: with actual data, real costs, and honest opinions about what makes sense for different situations.

The Price Picture: February 2026

Here’s where each property type sits as of GVR’s February 2026 report:

Metric	Condos (Apartments)	Townhouses (Attached)
Benchmark Price	$708,200	$1,046,100
Year-over-Year Change	-6.8%	-5.6%
Month-over-Month Change	+0.5%	+0.3%
February Sales	824	387
Sales YoY Change	-15.6%	+7.8%
Sales-to-Active Ratio	14.1%	16.6%

Source: Greater Vancouver Realtors, February 2026 Statistics

Both property types have declined in price over the past year, but the trajectory beneath those headline numbers is different. Condos are declining faster in both price and sales volume. Townhouses are declining in price but gaining in sales volume. That’s a meaningful distinction — it tells you that buyers who are active in the market are choosing townhouses over condos when they can afford to.

Why Condo Demand Is Weak

The condo market has three problems converging at once.

Oversupply. There are a lot of condos for sale right now, and a lot more coming. CMHC data shows Metro Vancouver has roughly 30,000 condo units under construction or recently completed. That pipeline was planned during 2021-2022 when the market was on fire. Those units are now arriving into a market where the sales-to-active ratio for apartments is just 14.1%.

Strata fee anxiety. This one is harder to quantify but impossible to ignore if you spend time talking to buyers. Strata insurance costs surged between 2019 and 2023, and while premiums have stabilized somewhat, monthly strata fees in older buildings have settled at permanently higher levels. I regularly see buildings from the 1990s and early 2000s with strata fees of $500-$700 per month for a one-bedroom. That’s $6,000-$8,400 per year in carrying costs that build no equity.

Investor pullback. A significant chunk of Vancouver’s condo demand historically came from investors buying presale units or resale condos as rentals. With prices declining and rental yields compressed by higher carrying costs, that investor demand has evaporated. Presale projects in particular are struggling — several have been delayed or cancelled in the past year, which speaks to how little investor confidence exists in this segment right now.

Why Townhouse Demand Is Stronger

Townhouses have something condos don’t right now: a structural supply shortage.

Vancouver hasn’t built enough townhouses relative to demand for years. The city’s housing mix has been heavily weighted toward high-rise condos and detached homes, with townhouses and row houses occupying a relatively small share of new construction. The City of Vancouver’s multiplex policy is changing this gradually, but the new supply from multiplex conversions is still years away from making a meaningful dent.

The demand side is straightforward. Young families who outgrow a one-bedroom condo but can’t afford a $1.8 million detached home are landing on townhouses as the middle ground. At $1,046,100, a townhouse costs about 48% more than a condo — but you typically get 400-700 more square feet, a second bedroom (often a third), outdoor space, and often a small garage or parking pad.

The 7.8% increase in townhouse sales year-over-year while condo sales dropped 15.6% tells that story clearly. Buyers who are active in this market — people who’ve done the math and are ready to buy — are gravitating toward townhouses.

The True Cost Comparison

Purchase price is just the starting point. Here’s a more realistic cost comparison for a typical buyer putting 20% down at a 4.5% five-year fixed rate:

Condo at $708,200

Cost Item	Monthly
Mortgage (20% down, 25-year amortization)	~$3,115
Strata Fees (average older building)	$550
Property Tax (estimated)	$175
Total Monthly Carrying Cost	~$3,840

Townhouse at $1,046,100

Cost Item	Monthly
Mortgage (20% down, 25-year amortization)	~$4,600
Strata Fees (typical townhouse complex)	$350
Property Tax (estimated)	$250
Total Monthly Carrying Cost	~$5,200

Mortgage calculations are approximate using Bank of Canada posted rates and standard amortization.

The monthly gap is about $1,360. That’s not trivial — it’s a car payment and groceries. But look at the strata fee line. Townhouse complexes typically run $200-$400 per month because they have fewer shared amenities, no elevators, and simpler building envelopes. Condo strata fees, especially in buildings 15+ years old, often run $450-$700. Over a 10-year hold, that $200/month strata fee difference alone accounts for $24,000.

And strata fees in older condo buildings tend to increase faster than townhouse fees. A building with an aging elevator system, a membrane roof, or a known envelope issue can see special assessments of $10,000-$30,000+ per unit. Townhouses, with their simpler construction, face these issues less frequently.

Appreciation Potential: Where’s the Better Investment?

I want to be careful here because nobody can predict prices with certainty. But I can share what the data suggests and what I think is most likely.

Over the past 10 years, MLS HPI data from GVR shows townhouses have outperformed condos in price appreciation during recovery periods. Coming out of the 2018-2019 correction, townhouse benchmarks recovered to their previous peaks about 8 months faster than condo benchmarks. The pattern makes sense: constrained supply plus growing family-buyer demand creates more upward pressure.

Right now, the sales-to-active ratio tells a similar story. Townhouses at 16.6% are in balanced territory — neither buyers nor sellers have a clear advantage. Condos at 14.1% lean slightly toward buyers. If (and when) the broader market recovers, townhouses are more likely to see price appreciation sooner because there’s less surplus inventory to absorb.

That said, condos offer something townhouses don’t: a lower entry point. If prices drop another 3-5% before the market turns — which Royal LePage and others think is possible according to their 2026 forecast — the buying opportunity on condos could be significant. A $670,000-$680,000 condo in a strong location with reasonable strata fees is an asset that will eventually appreciate. The question is how long you’re willing to wait.

The Lifestyle Factor

Numbers matter, but so does how you actually live. Here’s where the differences are most tangible:

Space. A typical Vancouver condo is 550-750 square feet for a one-bedroom, 800-1,000 for a two-bedroom. A townhouse typically runs 1,100-1,400 square feet with two or three bedrooms. If you work from home — and a lot of people still do — that extra room isn’t a luxury, it’s a functional requirement.

Outdoor space. Most condos give you a balcony. A townhouse usually includes a small patio or yard, sometimes both. The difference in quality of life, especially if you have kids or a dog, is hard to overstate.

Noise and privacy. Townhouses share walls on one or two sides. Condos share walls, floors, and ceilings. I’ve had clients sell condos primarily because of noise issues with upstairs neighbours. It’s a real factor.

Location. Here’s where condos win. The best condo locations — downtown, Yaletown, Kitsilano, Coal Harbour — put you within walking distance of work, restaurants, and transit. Townhouses in Vancouver proper tend to be in East Vancouver, South Vancouver, or the suburbs. You’re trading location for space. Whether that trade-off makes sense depends entirely on how you live.

Maintenance. Condos require almost zero personal maintenance — the strata handles everything exterior. Townhouse owners are typically responsible for their own landscaping and sometimes minor exterior maintenance. Some people want that control. Others don’t.

My Take: When Each One Makes Sense

After 20 years of helping people make this exact decision, here’s my framework:

A condo makes more sense if:

• Your budget is genuinely capped around $700,000-$750,000
• You prioritize location and walkability over space
• You’re single or a couple without immediate plans for kids
• You’re buying a newer building (2015+) with reasonable strata fees and no major upcoming maintenance
• You can handle the possibility of flat or slightly negative appreciation over the next 2-3 years

A townhouse makes more sense if:

• You can stretch to the $1 million range
• You need or want space for a growing family or home office
• You plan to hold for 5+ years and want stronger appreciation potential
• You’re comfortable with locations outside the downtown core
• You want lower strata fees and less exposure to building-wide special assessments

Neither choice is wrong. The market just happens to favour townhouses slightly right now, and the data supports that view.

Key Takeaways

• Condo benchmark at $708,200 is down 6.8% YoY with sales falling 15.6% — oversupply and investor retreat are weighing on the segment
• Townhouse benchmark at $1,046,100 is down 5.6% YoY but sales are up 7.8% — structural undersupply and family-buyer demand are supporting this segment
• Townhouse sales-to-active ratio (16.6%) indicates a more balanced market than condos (14.1%), suggesting faster price recovery when the market turns
• Monthly carrying cost gap is roughly $1,360, but townhouse strata fees are typically $150-$200 lower, narrowing the effective difference over time
• Historical MLS HPI data shows townhouses have recovered from past corrections faster than condos, consistent with supply-demand dynamics

Frequently Asked Questions

Are townhouses a better investment than condos in Vancouver?

Over the past decade, townhouses have generally appreciated faster than condos during recovery periods and held their value better during downturns, based on GVR’s MLS Home Price Index data. In the current market, townhouses show stronger demand signals — sales up 7.8% year-over-year versus a 15.6% decline for condos. However, condos offer a significantly lower entry point, and a well-located condo in a newer building with manageable strata fees can still be a sound investment.

How much more do condos cost in strata fees vs townhouses?

In Metro Vancouver, typical monthly strata fees for an older condo building (pre-2010) range from $450-$700, while townhouse complexes usually run $200-$400. Newer condo buildings may have lower fees initially, but they tend to increase as buildings age and require more maintenance. Townhouses generally have more predictable fee trajectories because of their simpler building systems — no elevators, simpler roofing, and less common area.

Should first-time buyers choose a condo or townhouse in 2026?

It depends primarily on your budget and how long you plan to stay. If your maximum budget is $750,000, a condo is likely your best option — focus on newer buildings with strong strata records and locations near transit. If you can stretch to $1 million or more and plan to stay 5+ years, a townhouse offers more space, lower strata fees, and historically stronger appreciation. Run the full carrying cost comparison, not just the purchase price, before deciding.

Sources

• Greater Vancouver Realtors — February 2026 Monthly Market Report
• Greater Vancouver Realtors February 2026 Statistics (Vancouver New Condos)
• Greater Vancouver Realtors — MLS Home Price Index
• CMHC — Housing Market Outlook 2026
• Royal LePage — Canada’s Housing Market Poised for a Reset in 2026

Data sourced March 23, 2026. Market conditions change frequently. Verify current figures before making financial decisions.

Next Steps: Work with Rain City Properties

Choosing between a condo and a townhouse isn’t just about the numbers — though the numbers matter a lot. It’s about how you live, how long you plan to stay, and what trade-offs you’re willing to make. I’ve helped hundreds of buyers work through this exact decision, and every situation is different.

If you want to talk through the comparison with real listings and real numbers specific to the neighbourhoods you’re considering, I’m happy to do that. No pressure, no sales pitch — just data and experience.

Contact Greyden Douglas directly at (604) 218-2289 or book a call to discuss whether a condo or townhouse is the right fit for you.