Townhouse prices have shot up in the Lower Mainland. (JupiterImages photo)

Townhouse, condo prices rise in Lower Mainland

Detached homes stayed steadier in an otherwise hot real estate market

Apartment and townhouse prices are continuing to heat up across the Lower Mainland.

Fraser Valley Real Estate Board numbers show attached property benchmark prices shooting up with apartment prices increasing 29.8 per cent to $285,400 in April 2017 compared to April 2016 and townhouse prices going up by 26.2 per cent to $446,000. Prices have gone up 3.1 per cent and 3.2 per cent for apartments and townhouses, respectively, since March.

Benchmark prices in the regions covered by the Real Estate Board of Greater Vancouver were a little cooler, with apartments only rising by 16.6 per cent to $554,100 compared to April 2016 and townhouse increasing by 15.3 per cent to $701,800. Since March, benchmark apartment have gone up by $554,100 and townhouse prices have gone up by $701,800.

Detached houses in either region haven’t seen as much of an jump since last year. In the Fraser Valley, benchmark house prices only rose by 14.5 per cent to $888,900 compared to April of last year and in Greater Vancouver, they only increased by 8.1 per cent to $1,516,500. Detached home benchmark prices have risen by 2.3 per cent in the Fraser Valley and by 1.8 per cent in Greater Vancouver since March.

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