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

UPDATE: Man, 32, found dead in Abbotsford was targeted, police say

IHIT identifies victim as Sukhpreet Grewal, who they say was known to police

Vancouver Giants sign forward Lukas Svejkovsky

The Vancouver Giants’ newest acquisition is being described as “an incredibly skilled… Continue reading

VIDEO: Township fire crews battle blaze in abandoned house

Thursday night fire is latest in a series of empty Willoughby homes to burn

Elvis sighted in Aldergrove

Live concerts set for Langley Cruise-In on Sept. 8

UPDATE: 14-year-old pilot sets Guinness World Record at Langley airport

Mohd Shaikhsorab believes he is now the youngest pilot with the fewest hours logged to fly solo

BC Games: Day 1 comes to an end

Medals have already been handed out following one day of competition in the 2018 BC Summer Games

Open water swimming from B.C. to Washington in 24 hours

The swim will take a full day, meaning Susan Simmons will be swimming in the black of night

ZONE 4: Heart surgery didn’t stop Liam Haysom’s journey to the BC Games

Coquitlam soccer player refused to be sidelined for long after treatment for heart condition

Cigarette packs with graphic images, blunt warnings are effective: focus groups

Warnings considered effective flag ailments smoking can cause, like colorectal and stomach cancers

Canada’s title hopes quashed at Rugby Sevens World Cup in San Francisco

On the men’s side, Canada was eliminated in the round of 16 as they were shut out by Argentina 28-0

‘We are doing the right thing:’ Protesters dig in at anti-pipeline camp

B.C. Supreme Court ruled in March that both the camp and a nearby watch house could remain in place

Astronaut drops in on Kraftwerk gig, plays duet from space

Alexander Gerst becomes an astronaut musician with live performance from International Space Station

BC Wildfire update on Okanagan blazes

Watch the media briefing on the current fire situation in the Okanagan.

RCMP help to save goats from wildfire

The fast-approaching wildfire, sparked Thursday, forced the evacuation of five homes

Most Read