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

Langley City’s van den Broek will run for mayor

The mayoral race in Langley City is officially underway.

VIDEO: Volunteers wanted in Langley

A volunteer fair is rounding up recruits for worthy local causes.

WATCH: Langley’s Hunter Park comes back to life

After a tree disease decimated the park, a new planting effort was held Saturday.

Truck rolls in Walnut Grove

The occupants were not seriously hurt.

Letter: Many funders of new Langley Hospice centre

The Langley Hospice Society wants to clarify who “owns” hospice.

VIDEO: Largest LEGO exhibition in British Columbia held at River Rock Casino

Hundreds of builders come from around the world to display their LEGO creations

Hockey for Humboldt charity game Friday

Event in Maple Ridge will benefit bus tragedy victims

Austin Powers ‘Mini-Me’, Verne Troyer, dies at 49

Facebook page confirmed his death Saturday afternoon

Alberta man dead after snowmobile collision on B.C. mountain

The incident occurred on Boulder Mountain Friday morning

B.C. parents grieving teen’s overdose death say it started with opioid prescription

Elliot Eurchuk, 16, died at his Oak Bay home Friday, after taking street drugs

Sunset Beach Park to close for 10 weeks to repair damage from 4-20 event

Vancouver Parks Board said a fence will be placed around the damaged field for ‘major rehabilitation’

16 of 20 fastest improving B.C. schools are public: Fraser Institute

Independent elementary schools remain at top of the chart in think tank’s annual report card

Police probe cause after skateboarder dies in collision with semi-truck

New Westminster police say its not certain whether the skateboarder was in crosswalk or near it

NAFTA: Talks continue through weekend in scramble to get a deal

Foreign Affairs Minister Chrystia Freeland called negotiations ‘perpetual’

Most Read