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

Simulated whale rescue on White Rock beach

Training endeavour aimed to ready crews for future strandings

VIDEO: Surrey gallery welcomes big, colourful Indian art on tour

Large-scale paintings and drawings at Bear Creek Park facility starting Saturday, Jan. 20

‘Still room to grow’ for Semiahmoo team

Totems ace Surrey Fire Fighters Senior Girls Goodwill Basketball Tournament title with 76-62 win over Tweedsmuir Panthers Saturday in Cloverdale

Union files human rights complaint over Chilliwack school trustee’s LGBTQ comments

Board and trustee Barry Neufled facing $50,000 tribunal charge over alleged ‘unsafe work environment’

Police look for blue Pontiac Sunfire associated with missing Surrey man

Sachdeep Dhoot has been missing since Tuesday (Jan. 9) and was last seen in Newton

More than 2,000 people left without power in Surrey after truck hits power pole

BC Hydro works to restore power after crash at Fraser Highway and 184th Street

Pipeline routing through Chilliwack subject of NEB hearing Monday

City of Chilliwack, WaterWealth Project and local Sto:lo intervenors in the hearing

Senior randomly stabbed in B.C. mall food court

Woman arrested after victim, 71, suffers serious injuries

Stealth work OT, come through with first win

Joel McCready nets winner, Eric Penney makes 52 saves as Vancouver knocks off Buffalo

VIDEO: Southern schemes on stage in Langley

The farce of “The Foreigner”

B.C. Liberal hopefuls begin final leadership push

Five MLAs, one outsider pitch policies to party members

Vancouver Island marijuana producer bought by Aphria in $230M deal

Aphria’s annual production forecast increases to 230,000 kgs

UPDATED: ‘Young, innocent’ teen hit during Vancouver shootout dies

15-year-old Coquitlam boy was in a car driving by the scene

Fraser Valley truck driver killed in Alberta semi truck crash

Young driver was adjusting load on side of highway to Fort McMurray

Most Read