Advertisement

Condo prices are up, detached home prices are down: Royal LePage

File photo. The latest quarterly Royal LePage survey shows the average price gap between condos and single detached homes has slowly narrowed.
File photo. The latest quarterly Royal LePage survey shows the average price gap between condos and single detached homes has slowly narrowed. Graeme Roy / The Canadian Press

Royal LePage has released its latest housing survey results for July, August, and September.

The report itself sounds similar to what people have been hearing for months.

“[The] condo market is really hot. Detached market, not so much,” says Royal LePage Sterling Realty General Manager Randy Ryalls.

He says condo prices in Metro Vancouver are up 17.6% year-over-year, with the average condo price now approximately $620,000.

Overall, the price gap between condos and detached homes decreased. . Royal LePage

“People might just take the opportunity to get into a little bit bigger house if they are moving from a condo or a townhouse and starting a family. They might actually have a chance to do that now.”

Story continues below advertisement

READ MORE: Greater Vancouver housing market continues to defy expectations: Royal LePage

He says the price gap between condos and detached homes has shrunk by roughly $110,000 and is good news for those who want to upgrade.

“Very expensive single-family homes are correcting a little bit in terms of price. If you look at West Vancouver its off about 10% from $3.8 million to $3.4 million.”

The average price of a detached home in Greater Vancouver is just over $1.5 million.

Ryalls says roughly 15,000 listings are needed to balance the market, and there are currently around 9,000.

Royal LePage — Quarter 3 — Greater Vancouver Release by Ria Renouf on Scribd

Advertisement

Sponsored content