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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Semi and BMW collide on South Surrey highway

At least one person to hospital, both vehicles sustained significant damage

White Rock dogs-on-promenade survey shows majority approval

City figures suggest that off-season program could continue

UPDATE: Pedestrian dies after being hit by bus in uptown White Rock

Collision occurred July 3 at North Bluff Road and Johnston Road

Intent of killing at centre of Surrey man’s West Kelowna murder trial

B.C. Supreme Court Justice Allison Beames is anticipated to return with her decision in August

PHOTOS: South Surrey tractor project evokes ‘$1-million smile,’ helps connect neighbours

Retired Surrey firefighter Ron Henze began project for friend’s dad to fill time during pandemic

VIDEO: Musqueam Chief captures captivating footage of bald eagle catching meal

‘This is why we have chosen to live here since time immemorial,’ Chief Wayne Sparrow’s nephew says

Police ramp up efforts to get impaired drivers off B.C. roads this summer

July is dedicated to the Summer CounterAttack Impaired Driving Campaign

Migrant workers stage multi-city action for full status amid COVID-19 risks

‘COVID-19 has exacerbated an existing crisis’

Okanagan school drops ‘Rebels’ sports team name, citing links with U.S. Civil War

Name and formerly-used images “fly in the face” of the district’s human rights policy, says board chair

PHOTOS: B.C.’s top doc picks up personalized Fluevog shoes, tours mural exhibition

Murals of Gratitude exhibit includes at least one portrait of Henry alongside paintings of health-care workers

Langley vigil demands justice for Ontario animal activist killed protesting slaughterhouse

More than two dozen people gathered at Britco Pork to remember Regan Russell, and fight Bill 156

In troubled times: Independence Day in a land of confusion

Buffeted by invisible forces and just plain worn out, the United States of America celebrates its 244th birthday

Stop enforcing sex work laws during COVID-19, advocates say

There are provisions in Canada’s prostitution laws that make workers immune from prosecution, but not from arrest

Liberal party finished 2019 having spent $43 million, raised $42 million

All political parties had until midnight June 30 to submit their financial reports for last year

Most Read