The Murrayville House condo project in Langley. (Dan Ferguson/Langley Times)

Lower Mainland condos, townhouses see 25 per cent price hike in 2017

Fraser Valley condos went up by 40 per cent, Greater Vancouver condos by 26 per cent

Condos and townhouse prices in Lower Mainland shot up by more than 25 per cent on average, according to real estate board statistics released Wednesday.

The Fraser Valley Real Estate Board reported that just over half of their 22,338 sales this year were of condos and townhouses and prices shot up both in the Fraser Valley and in Greater Vancouver.

“Much of the market’s momentum through 2017 came from the incredible shift in demand to attached-style homes, particularly in our larger communities,” said Fraser Valley Real Estate Board president Gopal Sahota.

READ: Condos, townhouses drive up Fraser Valley property values

According to the Real Estate Board of Greater Vancouver, benchmark prices for condos skyrocketed by 25.9 per cent to $655,400 in 2017, while townhouse prices went up by 18.5 per cent.

Condo prices saw the biggest increase in Port Coquitlam, Pitt Meadows and Maple Ridge, going up by 35.7 per cent, 36.1 per and 35.5 per cent, respectively.

REBGV president Jill Oudil said that “competition was intense in the condominium and townhome markets, with multiple offer situations becoming commonplace.”

Detached home prices saw less of a surge, increasing by 7.9 per cent to a benchmark price of $1,605,800.

Fraser Valley condo prices jumped by a whopping 40 per cent to $388,600 over the past year, while townhouse prices increased by 23 per cent to $417,200.

House prices remained steadier, increasing by 14.2 per cent to $976,400.

Langley, North Delta, and all of Surrey aside from south Surrey and White Rock saw an increase of more than 40 per cent in condo prices.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Surrey business groups dig in heels on LRT

Mayor-elect Doug McCallum and his coalition aim to cancel LRT in favour of extending SkyTrain

New faces on Surrey council: Who they are and how they got here

The council includes seven of eight candidates who ran with Doug McCallum-led Safe Surrey Coalition

UPDATE: Missing Surrey girl, 15, located

Surrey RCMP sought help to locate Hailey McClelland

Surrey’s mayor-elect McCallum has big promises to keep

From estimated 337, 289 eligible voters in Surrey, 109,791 votes were cast for 32.5 per cent turnout

Dancing zombies expected in droves at Surrey’s ‘Thrill the World’ event

Michael Jackson’s iconic video inspires group-dance gatherings around the globe

B.C. sailor surprised by humpback whale playing under her boat

Jodi Klahm-Kozicki said the experience was ‘magical’ near Denman Island

Ovechkin has 4 points as Caps rough up Canucks 5-2

WATCH: Defending champs pick up impressive win in Vancouver

Vancouver mayoral hopefuly admits defeat, congratulates winner Kennedy Stewart

Ken Sim of the Non-Partisan Association apologized for the time it took to acknowledge Stewart won

Mental fitness questioned of man charged in Chilliwack River Valley shooting

Peter Kampos told his lawyer ‘his dreams are being stolen and turned into drugs’ at Surrey Pre-trial

Fraser Valley mom stuck in Africa over adoption delay

Kim and Clark Moran have been waiting four weeks to bring son home

B.C. government moves to tighten resource industry regulations

New superintendent will oversee engineers, biologists, foresters

Election watchdog seeks digitally savvy specialists to zero in on threats

Move follows troublesome evidence of online Russian interference in the 2016 U.S. election

Most Read