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

Just Posted

Children’s author hopes public can grant father’s wish to see work in Abbotsford library

Dawn Doig’s father recently died from COVID-19 after staying at Worthington Pavilion

Fraser Valley Regional Library branches offer curbside pick up

After two and a half months of being closed, people can once again check books out of the library

Abbotsford playgrounds to re-open Monday

City urges public to bring hand-sanitizer and maintain physical distancing

Police watchdog investigating after man injured during Abbotsford standoff

Man seriously injured during arrest on May 21 at Abbotsford hotel room

11 new COVID-19 cases in B.C. as top doc urges caution amid ‘encouraging’ low rates

Dr. Bonnie Henry also announced that two care home outbreaks would be declared over

Facing changes together: Your community, your journalists

New platform allows readers to make a one-time or ongoing donation to support local journalism

Police watchdog investigating death of man in Delta

Independent Investigations Office asking for witnesses to May 29 incident at Tsawwassen ferry terminal

Surrey mayor’s party under fire for ‘sickening’ tweet accusing northern B.C. RCMP of murder

Mayor Doug McCallum says tweet, Facebook post ‘sent out by unauthorized person’

Father’s Day Walk Run for prostate cancer will be virtual event this year throughout B.C.

The annual fundraiser for Prostate Cancer Foundation BC has brought in $2.5 million since 1999

Dr. Bonnie Henry announces official ban on overnight kids’ camps this summer

New ban comes after talking with other provincial health officials across the country, Henry says

Senior man in hospital after unprovoked wolf attack near Prince Rupert

Conservation officers are on site looking for the wolf

VIDEO: NASA astronauts blast off into space on SpaceX rocket

Marks NASA’s first human spaceflight launched from U.S. soil in nearly a decade

‘I knew what he wanted’: Kootenay man spends hours in tree as black bear patrols below

Francis Levasseur is no stranger to the outdoors, but a recent run-in with a bear caused quite a scare

Most Read