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

VIDEO: Giants earn 40th victory in a 4-0 triumph over Victoria

Vancouver G-Men move within a point of clinching the B.C. division banner at Friday’s at-home game

Developers to unveil plan to transform Aldergrove mall into new town centre

Community to find out new Aldergrove Town Centre plan for dormant 10-acre lot in heart of downtown.

Tardi and team playoff bound in junior curling worlds tonight

Friday night Team Canada’s men’s team faces off against Norway, hoping to secure a spot in the finals

Langley’s Hong takes silver in Winter Games vault

The Langley athlete completed a tricky move in competition to clinch the podium.

First phase of 208th widening in Langley Township budget

Work could star this year, if the council approves the first project.

National Energy Board approves Trans Mountain pipeline again

Next step includes cabinet voting on the controversial expansion

Girl heard saying ‘Help my Dad’ in suspicious radio message on Vancouver Island

Police asking for help following mysterious signals from somewhere between Comox and Sayward

Reports of rashes prompt closure of all Harrison Hot Springs pools

Public pool available after Fraser Health shut down all five mineral pools until further notice

Man sentenced to 7 years for smuggling drugs and shooting at border guards in Sumas

Nathan Hall was arrested in Abbotsford in 2013 after day-long manhunt

No treatment for highly infectious measles, says doctor

10 cases of measles confirmed in Vancouver as of Friday

Two more measles cases confirmed in Vancouver

It brings the number of total cases within the city connected to the outbreak to ten

B.C. Special Olympics officially underway in Vernon

Athlete’s Oath: “Let me win. But if I cannot win, let me be brave in the attempt.”

Vancouver Aquarium wants your help to name a baby killer whale

The public helped name Springer’s first calf, Spirit, and is being asked to help with the second

Guards protest firing of fellow officers charged with assault at B.C. prison

Corrections officers demonstrated in Maple Ridge on Friday afternoon

Most Read