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: Sopwith takes flight for Father’s Day at Museum of Flight

Dads got in free Sunday at “pops and props” event

VIDEO: TWU runner Yee wins Portland Track Festival

Competitor is most individually decorated Spartans track and field athlete in the program’s history

UPDATE: All lanes open after crash closed Sea-to-Sky near Lions Bay

Hwy. 99 not expected to re-open until 2:30 p.m.

BC Lions defensive back Marcell Young levels streaker in home opener

Young hit the fan near one of the 45-yard lines

Turnout up for Community Day in Langley City

“Perfect” weather leads more people to annual event at Douglas Park

REPLAY: B.C. this week in video

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

B.C. NHL prospect expected to make ‘full recovery’ after an incident in Calgary

Jordy Bellerive was injured in a reported house fire Saturday night

Police: Taxi driver who hit 8 Moscow pedestrians fell asleep

Two Mexican World Cup fans were among those hit

B.C. VIEWS: Orphans of our urban drug culture neglected again

Child advocate Bernard Richard leaves B.C. with harsh message

From marijuana beer to pot cookies, Canadian companies creating cannabis edibles

Manufacturers think that edibles will do well with users who don’t want to smoke or vape

Privacy lawyer warns against victim blaming in recent sextortion scams

Perpetrators get sexual photos of the victim and threaten to share them with friends and families

Motorcycle crash sends man to hospital with life-threatening injuries

Rider collided with a car near Edmonds SkyTrain in Burnaby

QB Jennings leads Lions to 22-10 win over Alouettes

B.C. wins CFL home opener over Montreal

Most Read