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

Support for ‘Plywood bylaw’ at Langley Township public hearing

Regulation would require polycarbonate in place of plywood to board up buildings in Fort Langley

Vancouver Giants earn a weekend sweep against Everett

Langley-based hockey team plays its next game is at home on Friday, Sept. 28, against Seattle.

WATCH: Langley art beneath the vines helps hospice

West Coast Fine Arts late summer show enjoyed natural light in a winery’s greenhouse.

VIDEO: Driving from Langley to Whistler to help firefighters

Second annual rally for Porsche fans draws increased turnout

VIDEO: Multiple power outages in Langley

Traffic accidents among the causes

Environment Canada confirms Ottawa area hit by two tornadoes Friday

At one point more than 200,000 hydro customers were blacked out

B.C. VIEWS: Looking under the hood of ICBC’s war on crashes

Is our accident rate really soaring, or is it inefficiency?

B.C. tent city residents have three weeks to clear out: Supreme Court

Fire risk, criminal activity in neighbourhood cited as reasons for judgment

Coaches, players on Alberta university rugby team buckle up for the Broncos

16 people died when Humboldt Broncos bus collided with a semi-truck in rural Saskatchewan

The Vatican ‘owes God an apology,’ activist says in letter to Pope Francis

Letter came after a report on sexual abuse of more than 1,000 children in six Pennsylvania dioceses

Newcomers vying to fill power void in Vancouver’s ‘weird’ election race: expert

A proliferation of new parties and independent candidates are crowding the Vancouver race

Lions earn stunning 35-32 OT win over Ticats

Epic comeback lifts B.C. past Hamilton in CFL thriller

Czarnik nets 3 as Flames dump Canucks 5-2

Calgary picks up exhibition win over Vancouver

Most Read