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Despite real estate market activity slowing across Greater Vancouver, condo prices continue to skyrocket, according to an agent survey report released July 10.
The Royal LePage House Price Survey, a report compiled from a national survey of Royal LePage agents, found that home prices overall were about 7.2 per cent higher in Greater Vancouver than a year ago, at an aggregate of $1,269,816 in 2018’s second quarter. (The aggregate price is a weighted average of the median sale prices of each type of homes.)
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When broken out by property type, however, that annual price increase was 18.4 per cent for a condo in the region, with the median sale price of $692,452 in Q2 2018.
“Condominium prices continue to grow at unprecedented levels across Greater Vancouver,” said Adil Dinani, real estate advisor, Royal LePage West Real Estate Services. “Purchasers look to condominiums for relative affordability, yet with competition continuing to intensify, property values within the segment now outstrip most detached markets across the country.