Condo prices are up, detached home prices are down: Royal LePage
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.
“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.”
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.
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