Vancouver prices are still rising on condo demand

Thursday, July 6th, 2017

Steve Randall
Canadian Real Estate Wealth

Demand for condos in Vancouver is escalating prices sharply with detached home prices showing moderate gains.

The Real Estate Board of Greater Vancouver says that its MLS Home Price Index was up 7.9 per cent year-over-year and 1.8 per cent month-over-month in June to $998,700.

The detached home benchmark hit $1,587,900, up 1.4 per cent year-over-year and 1.1 per cent month-over-month.

Apartment prices surged 17.6 per cent in the year to June, and were up 2.9 per cent from the previous month to $600,700.

“Two distinct markets have emerged this summer. The detached home market has seen demand lease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” Jill Oudil, REBGV president said.

Sales for all property types eased to 3,893 in June 2017, an 11.5 per cent decrease from a year earlier which set an all-time record; and a decrease of 10.8 per cent compared to May.

Detached sales were down 15.5 per cent and condo sales were down 9.6 per cent year-over-year.

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