October 12, 2017 7:11 am
Updated: October 12, 2017 7:13 am

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.

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.”

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.

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“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

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