The aggregate home price in Greater Vancouver rose 3.9 per cent in the third quarter to $1,270,675, compared to the same period last year. When broken out by housing type, the median price of a condominium increased 9.5 per cent year-over-year to $683,000. Meanwhile, the median price of a two-storey home and bungalow both grew at a more moderate annual pace, rising 3.5 per cent and 0.9 year-over-year to $1,579,141 and $1,431,172, respectively.
The real estate market in British Columbia has continued to shift in the third quarter of 2018, with fewer transactions occurring and higher inventory levels, especially in the detached category. Many sellers are yet to adjust to the change in market conditions resulting in many homes remaining on the market for longer periods of time. Currently, buyers have more choice and less time pressure when it comes to purchasing a home. Despite these shifts, the condominium housing segment is still performing well within the market.
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“Condominium prices continue to appreciate but at a reduced rate across Greater Vancouver,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “Condominiums remain a relatively affordable option compared with other housing categories. The new mortgage qualifying regulations have continued to reduce purchasing power that is eliminating many would-be buyers from the market. The result is a concentration of buyer activity in the lower-priced homes in Greater Vancouver.”