Looking to invest in property around the North Okanagan for $500,000? Today, let’s take a look through the MLS to explore what that budget can afford you, whether you’re considering a house or townhouse. This comparison will help you weigh the pros and cons of both, so you can decide what might best suit your needs and budget.

Diving into the Listings: A Variety of Options

For this deep dive, I’ve selected active listings in the $490,000 - $510,000 price range within the Greater Vernon area, including both detached houses and townhouses. With 12 listings available, it’s split between detached homes and attached townhouses or apartments. Each of these has unique perks, so let’s explore them!

Armstrong: Detached House or Townhouse?

Our first comparison brings us to Armstrong, where there’s a quaint 1950 home at 3620 Sage Avenue, recently reduced from $599,900 to $499,000. This two-bedroom, one-bath home is compact, with just over 1,000 square feet and sits on a 0.16-acre lot. It was renovated in 2017 with upgrades like new electrical, paint, flooring, and exterior touches.

In comparison, there’s a townhouse listed at $499,000 at 3485 Rosedale Avenue. Built in 1994, this townhouse offers 1,739 square feet across three levels, two bedrooms, and three bathrooms—almost double the space of the detached home! While it requires a $194 monthly strata fee, the added room and modern conveniences might make it an appealing choice for those who don’t mind shared walls.

Harwood, Vernon: Smaller House or Spacious Townhome?

Next up is a small detached home in Vernon’s Harwood neighborhood at 2500 45th Avenue, listed at $499,000. Built in 1992, this 902-square-foot home includes two bedrooms and a single bathroom. It’s situated on a low-maintenance lot and has been well-kept with a carport and cozy backyard space.

Alternatively, for the same price, there’s a four-bedroom, two-bath townhouse in the Green Timbers complex at 2100 43rd Avenue. This 1976-built home spans a roomy 1,758 square feet and was recently renovated with fresh finishes, making it move-in ready. However, the $500+ strata fee may impact affordability.

For a newer option, consider Unit 2 at 1703 43rd Avenue in the Gaia complex, listed at $499,000. Built in 2013, it features two bedrooms, three bathrooms, and an unfinished basement—adding up to over 1,200 square feet. This townhouse is part of a smaller, modern complex, offering a low $139 monthly strata fee and xeriscaped landscaping for eco-friendly maintenance.

A Few More Options in Vernon’s Historic Neighborhoods

Another detached option includes a 1930-built, 748-square-foot duplex in Lower East Hill, listed at $510,000. While it could use some landscaping, the interior is in great shape. Or, check out 3405 33rd Avenue—a cozy, historic 814-square-foot home, built in 1910 and updated in 1951. Located in Vernon’s downtown, it offers close proximity to shops and restaurants but may require some cosmetic updates.

If a townhouse appeals to you, Unit 61 at Spruce Landing (3900 27th Avenue) is available for $499,000. Built in 1990 with two bedrooms, two bathrooms, and a basement, it’s 1,544 square feet but requires a 55+ age restriction and a $354 monthly strata fee.

Thinking Outside Vernon: Armstrong, Lumby, and Falkland

If you’re open to neighboring areas, Lumby and Falkland offer additional options within the $500,000 range. In Lumby, 1863 Grandview Avenue is a three-bedroom home on a 0.13-acre lot, built in 1980. Falkland has a larger home at 5787 Tooman Road—a four-bedroom, two-bathroom property spanning nearly 2,000 square feet on a 0.14-acre lot, making it ideal for a growing family.

Conclusion: House or Townhouse—Which is the Better Value?

While a townhouse might offer a better value in terms of square footage and newer features, there are several factors to consider, such as strata fees and the attached living arrangement. Whether a detached home or a townhouse is right for you depends on your lifestyle needs and willingness to trade off some square footage for privacy or additional fees for community amenities.

I hope this comparison helped! Ready to see what you can find for $1,000,000? Stay tuned for our next exploration in Vernon’s market.

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About the Author: The article above, SINGLE FAMILY HOMES vs. TOWNHOUSES in Vernon and North Okanagan - What $500,000 Gets You, was provided by Lisa Salt, an authority on Vernon BC and area real estate and a leader in the field of real estate blogging and vlogging.  Lisa and her group have helped literally helped thousands of families buy and sell homes since 1993. 

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