(File photo)

Greater Vancouver condo prices jumped 20 per cent in 2017

New mortgage rules increased competition for entry-level properties

Condo prices in Metro Vancouver shot up by 20 per cent in 2017, according to Royal LePage.

In data released Wednesday, the real estate firm suggests new mortgage rules that went into effect on Jan. 1 boosted condo values in the last quarter of the year.

READ: Lower Mainland condos, townhouses see 25 per cent price hike in 2017

The new rules require all borrowers to qualify for a mortgage based on either the five-year benchmark rate or their lender’s actual rate plus two per cent, whichever is higher.

The change applies to all mortgages, new or renewed, even if the down payment exceeds 20 per cent.

Randy Ryalls, general manager of Royal LePage Sterling Realty in Port Moody, said while the new rules might mean Greater Vancouver’s increasingly expensive market cools slightly, the entry-level condo market will only heat up.

“These regulations will likely place many purchasers into the entry-level market, causing the segment to overheat further,” said Ryalls.

READ: Condos, townhouses drive up Fraser Valley property values

North Vancouver saw the biggest surge in condo prices year over year with a 27-per-cent jump, followed by Surrey with at 24 per cent and Langley at 23.

Despite a slower 14-per-cent increase, condos in West Vancouver ended the year as the region’s most expensive at $1,167,544.

Houses didn’t show the same surge in prices, with one-storey homes rising only five per cent and two-storey home going up by seven per cent across Greater Vancouver.

One- and two-storey house prices actually dropped in West Vancouver over 2017, at six per cent and 10 per cent, respectively.



Like us on Facebook and follow us on Twitter.

Just Posted

Abattoir proposal has south Langley residents on edge

Opponents to poultry slaughterhouse application say aquifer could be at risk

Auditors couldn’t tell if Fraser Health executives bought booze on taxpayers’ dime

Review from 2014 says one administrator bought Bose headphones on company credit card

VIDEO: Dashcam records near-miss by bad driver

Dash cam captures pickup truck illegally passing on highway shoulder in Langley

Wire theft on the rise again in Langley City

As world price for copper rises, more incidents are being reported

A disappointing end to a succesful season for TWU volleyball

Past teams have used tough losses to fuel championship runs, says Spartans coach

Ottawa proposes restricted pot labels, packages

Packaging will include red stop sign with marijuana leaf and ‘THC’

Alberta budget plans for Trans Mountain expansion

Finance Minister Joe Ceci says expected revenues will be factored into budget forecasts

B.C. climber remembered for gentle spirit, love of mountains

Marc-André Leclerc had been hearing the call of the mountains since childhood

Proposed gun bill attacked by gun owners and shooting victims

The federal government tabled the bill today in order to tighten the sale and tracking of firearms

New anti-radicalization centre in the works for B.C.

Centre aims to help ‘vulnerable individuals of the path to radicalization’ before they turn to crime

B.C. bravery, public service honoured by Governor General Julie Payette

UVic basketball coach Kathryn Shields inducted into Order of Canada

Sea lion with rope wrapped around neck saved by Vancouver Aquarium

Steller sea lions are a species of special concern and some populations are endangered in parts of Alaska

B.C. can learn from Washington’s wine industry growth

Winery owner cites importance of industry collaboration

Most Read