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

Maple Ridge traffic delayed on Tuesday back from long weekend

Single vehicle accident on Old Dewdney Trunk Road

Angry Inuk season finale for Cinema Politica Ridge Meadows

Film examines the impact of anti-seal-hunt campaigns on the lives of the Inuit

Mad Hatter’s High Tea for mental health in Maple Ridge

The second annual Mad Hatter’s Parade and Tea Party will take place May 26

Birds of a feather coming together for Maple Ridge art gallery

The ACT Art Gallery’s annual fundraiser TeaGarden! takes place May 27

Maple Ridge tech company will power Uber Elevate

Moli and Uber announce RD partnership

5 to start your day

Cloverdale Rodeo a rousing success, man arrested in East Van shooting and more

You can now tap your credit card to take public transit

TransLink unveils new feature ahead of busy tourist season

Canada’s G7 goal on development: luring private capital to poor nations

G7 finance and international development ministers convene in British Columbia next week

Congressional leaders to review information on Russia probe

Trump said he will “demand” that the Justice Department open an investigation into whether the FBI infiltrated his presidential campaign

Tall ships return to Blaine in June

The vessels Lady Washington and Hawaiian Chieftain offer ‘a glimpse into our historic past’

Canadians stranded in Cuba after plane crash returning home

Montreal-based travel agency says hundreds of Canadians who were stuck in Cuba since a plane crash last week are returning home

As summit looms, North Korean media return to angry tone

North Korean media are stepping up their rhetorical attacks on South Korea and joint military exercises with the United States

Most Read