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.
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.