Condos have increased in price by more than 25 per cent in Surrey. (zolo.ca)

Greater Vancouver condo prices jump 18% in second quarter: report

Royal Lepage forecast says price hikes slow under new taxes, mortgage stress test

Condos continue to push up house values across Greater Vancouver, according to a report released Tuesday by Royal LePage, with the benchmark price shooting up 18.4 per cent to $692,452.

“Purchasers look to condominiums for relative affordability, yet with competition continuing to intensify, property values within the segment now outstrip most detached markets across the country,” said Adil Dinani, real estate advisor, Royal LePage West Real Estate Services.

“To put it into perspective, the budget now needed to purchase a condo could have netted someone a two-storey home here in Greater Vancouver four years ago.”

Within Greater Vancouver, Surrey saw the greatest condo price increase at 25.6 per cent, with Coquitlam, Richmond and North Vancouver not far behind.

READ MORE: South of the Fraser condo flipping increased as market heated up

READ MORE: Richmond woman ‘sick’ of empty homes

In comparison, the benchmark price of a detached home rose by seven per cent to $1,269,816, thanks to relatively slow growth.

Although B.C.’s urban centres have seen skyrocketing house prices, the real estate agency thinks that’s set to slow down in the coming months.

By the end of the third quarter, the benchmark price of a home is expected to increase by 1.5 per cent to $1,289,120.

The real estate group attributes the ebb in growth to the new mortgage stress test, as well as the speculation and school taxes placed on more expensive real estate in the province.

However, while the new measures have cooled down the real estate market as a whole, they’ve spurred competition for starter-level condos.

“Buyers in this segment are having to take a very pragmatic approach to their home search,” said Dinani.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Delta to craft whistle-blower policy

The policy is meant to increase public trust and create support for staff in questionable situations

North Delta crime beat: Week of Sept. 9

A selection of property crimes submitted weekly by the Delta Police Department

McCallum says Surrey LRT communication plan close to election is ‘perceived interference’

McCallum ‘gravely concerned’ Surrey and TransLink will violate election financing rules, but city says all rules will be followed

Proudly Surrey modifies child-care policy

Slate wants to use school board property for child-care spaces

Surrey school board wants to expand French Immersion program

District had to close program at Cougar Creek Elementary due to low enrolment

VIDEO: North Delta Studio Stomp back for sixth year

The annual art event has local artists opening their studios to the public this weekend

Czarnik nets 3 as Flames dump Canucks 5-2

Calgary picks up exhibition win over Vancouver

Ottawa to name new ambassador for women, peace and security, Freeland says

Chrystia Freeland also confirmed Canada would spend about $25 million to fund number of initiatives

‘A little bright spot:’ Ottawa residents rescue dog trapped beneath rubble

Freelance journalist says rescue of a dog trapped under rubble was happy ending amid chaos in Ottawa

B.C. deaf community wants different sign languages on federal accessibility act

Advocates also want Indigenous Sign Language to be recognized on the Indigenous Language Act

Remainder of Vancouver Whitecaps season filled with ‘must-win’ games: coach

With Vancouver currently sitting four points out of a post-season spot, each contest is crucial

VIDEO: B.C.-born firefighter remembered by MP in emotional speech

Family asks first responders to look after one another in wake of suicide, growing concerns of PTSD

Airline has ‘close call’ with drone while en route to B.C. airport

Jazz Aviation reported the drone sighting near Vancouver to the RCMP and Transport Canada

Tragic accident claims life of B.C. toddler

Fundraising effort has been created to help mom and family

Most Read