Realtor’s 4th quarter report finds in Metro Vancouver, condos were king last year

For Metro Vancouver, 2017 was the year of the condo.

That’s according to real estate agency Royal LePage’s 2017 4th quarter housing trends report for the region, which found condo price growth on pace to outpace all other property types.

In the final months of 2017, condo prices rose 20 per cent to about $650,000.

“Home values have continued to strengthen across Greater Vancouver, particularly in the entry-level market where conditions have intensified even further, and competition for available property is stiff,” Royal LePage Sterling Realty general manager said Randy Ryalls in a statement.

The company asserted that the surging prices were a factor of buyers looking to the condo market’s “relative affordability,” and purchasers looking to get into the market before tougher new mortgage rules took effect this year.

It suggested prices will continue their steep climb until significant new supply is added to the market.

Meanwhile single family home prices across the region climbed by about 12 per cent to $1.5 million.

The aggregate price of all home types was up 8.2 per cent to nearly $1.3 million.

In the City of Vancouver itself, the report found price growth of 12 per cent across all housing types to just under $1.5 million.

In the surrounding suburbs, Langley, Coquitlam, Surrey and Burnaby saw price jumps as high as 13 per cent to about $1.1 million.