Price of Metro con­dos surge; de­tached homes drop: Sur­vey

The Province - - NEWS - TIF­FANY CRAW­FORD — With files from Cana­dian Press ticraw­ford@post­media.com

Metro Van­cou­ver condo prices surged in the third quar­ter, ac­cord­ing to a new real es­tate price sur­vey re­leased Thurs­day.

Royal Lepage’s sur­vey found the me­dian price of a con­do­minium rose by 17.6 per cent year-over-year to $622,392, while the cost of a two-storey de­tached home dropped by 1.1 per cent to $1,532,849 over the same pe­riod. The price of a bun­ga­low, how­ever, went up 3.5 per cent to $1,422,458.

The sur­vey showed the big­gest jump in condo prices in Metro Van­cou­ver was in North Van­cou­ver, with prices ris­ing 25.2 per cent year-over-year to $614,173.

Fol­low­ing North Van­cou­ver were Burn­aby at 24.6 per cent to $561,558 and Co­quit­lam at 23.8 per cent to $471,749.

The Royal Lepage sur­vey came the same day as the Bri­tish Columbia Real Es­tate As­so­ci­a­tion re­leased monthly statis­tics that showed home sales and av­er­age prices rose in B.C. in Septem­ber.

The BCREA fig­ures showed 8,340 res­i­den­tial unit sales were recorded by the Mul­ti­ple List­ing Ser­vice dur­ing the month, an in­crease of 9.9 per cent from the same pe­riod last year.

To­tal sales amounted to $5.8 bil­lion, up 30.2 per cent from Septem­ber 2016, and the av­er­age MLS res­i­den­tial price was $693,774, up 18.5 per cent.

The BCREA also said res­i­den­tial unit sales de­clined 13 per cent year-to-date to 81,608 units while the av­er­age price was down 0.2 per cent to $705,501.

Randy Ryalls, gen­eral man­ager of Royal LePage Ster­ling Realty, said the high price of de­tached homes and tighter mort­gage re­stric­tions has pushed buy­ers into the condo mar­ket. “De­spite hav­ing al­ready taken 30 to 40 per cent of en­try-level buy­ers out of the mar­ket­place en­tirely, the new mort­gage reg­u­la­tions, and req­ui­site stress tests, have helped to sig­nif­i­cantly drive con­do­minium prices up,” said Ryalls.

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