Photo: James Bombales 

Greater Vancouver home price growth has eased this year with the introduction of a new mortgage stress test, higher interest rates and new BC housing policies. That didn’t stop condo prices from soaring to new heights last quarter, and market experts expect further growth in the coming months.

In the second quarter of 2018, the median price of a condo hit $692,452 — a whopping 18.4 per cent increase from Q2 2017, according to the Royal LePage House Price Survey, released today. 

“Condominium prices continue to grow at unprecedented levels across Greater Vancouver,” says Vancouver-based realtor Adil Dinani, in a press release.

“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,” he adds.

On a quarterly basis, the Canadian real estate company releases its House Price Survey which provides data on the three most common types of housing in Canada (two-storey, bungalows and condos), in 63 of the country’s largest housing markets.

While condo prices continued to skyrocket last quarter, the median price of a two-storey home and bungalow saw a more moderate annual increase, rising 5.6 per cent and 4.1 per cent year-over-year to $1,564,303 and $1,443,105, respectively.

Last quarter, the aggregate home price in Greater Vancouver rose 7.2 per cent year-over-year to $1,269,816.

According to Royal LePage, the introduction of new mortgage rules in January, coupled with affordability constraints, continued to price many purchasers out of the region’s detached market last quarter.

In turn, many homebuyers continued to opt for the more affordable homeownership option, condos. But, with condo prices appreciating at rapid speed, homebuyers are paying a significant amount to enter the market.

“To put it into perspective, the budget now needed to purchase a condo could have netted someone a two-storey home here in Greater Vancouver four years ago,” says Dinani.

Looking ahead, Royal LePage predicts that Greater Vancouver’s condo segment will continue to place upward pressure on the overall aggregate price next quarter. The aggregate price is expected to rise by 1.5 per cent quarter-over-quarter to $1,289,120.

Categories: 地产动态

发表评论

邮箱地址不会被公开。 必填项已用*标注

Related Posts

地产动态

列治文坚决反对农地种大麻!并要紧缩农地建屋规模

列治文市议会于温哥华时间11月13日(周二)晚间通过了一项动议,向省府 Read more…

地产动态

炒楼花要交100%重税!税局新招太狠 赚30万要多缴8万!

税局还会很“残忍”地重查一下已经申报的收入税 炒楼花的人可能要注意了, Read more…

地产动态

大温公寓VS城市屋面面观:都是非独立单位,我该选谁?

房屋的类型很多,比如华人常说的别墅、公寓、联排别墅等等 —— 按照中文 Read more…