{"id":6494,"date":"2017-07-21T11:11:57","date_gmt":"2017-07-21T18:11:57","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6494"},"modified":"2017-07-18T22:07:34","modified_gmt":"2017-07-19T05:07:34","slug":"greater-vancouver-condo-prices-continued-to-surge-in-the-2nd-quarter","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/07\/greater-vancouver-condo-prices-continued-to-surge-in-the-2nd-quarter\/","title":{"rendered":"Greater Vancouver Condo Prices Continued to Surge in the 2nd Quarter"},"content":{"rendered":"<p style=\"text-align: justify;\">Greater Vancouver condo prices continued to surge in the second quarter of 2017, while detached prices slowly began to stabilize from record gains seen last year.<\/p>\n<p style=\"text-align: justify;\">Last quarter, the aggregate price of a home in Greater Vancouver increased 2.6% year-over-year to $1,181,309, a noticeable decline from double-digit increases seen in the red-hot region last year, according to Royal LePage\u2019s House Price Survey released today.<\/p>\n<p style=\"text-align: justify;\">\u201cBeing on the frontline, I can say that the condo market is still in overdrive and it\u2019s really just the detached market that\u2019s starting to level out a bit,\u201d Adil Dinani, a realtor with Royal LePage, tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">The real estate company releases the survey on a quarterly basis, tracking pricing data for two-storey homes, bungalows and condominiums in the nation\u2019s largest real estate markets.<\/p>\n<p style=\"text-align: justify;\">According to Royal LePage, since Q1-2017 overall home sales and prices are up in Greater Vancouver and prices are anticipated to rise across BC\u2019s Lower Mainland during the rest of 2017.<\/p>\n<p style=\"text-align: justify;\">This jump in prices is coming after the region experienced a significant correction that began in August 2016, when the BC government implemented a 15% foreign buyer tax in an effort to cool the market.<\/p>\n<p style=\"text-align: justify;\">Buyers who remained on the sidelines following the introduction of the tax are now returning to the market, driving fierce demand for the region\u2019s more affordable property type, condos.<\/p>\n<p style=\"text-align: justify;\">\u201cThe market is back to facing a supply and demand gap, with buyers returning while inventory has tapered off, as sellers hold onto their properties until they\u2019ve found an adequate alternative,\u201d says Randy Ryalls, General Manager of Royal LePage Sterling Realty, in a press release.<\/p>\n<p style=\"text-align: justify;\">\u201cIn the end, Greater Vancouver is still very much a seller\u2019s market, led by the significant demand within the condominium segment, which is historically unusual given that the property type tends to trail detached dwellings,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">Seeing double-digit growth compared to Q2-2016, the median price of a condo in Greater Vancouver soared 12.4% to $578,213 in Q2-2017. This was the largest year-over-year price gain out of all property types in the region.<\/p>\n<p style=\"text-align: justify;\">During the same period, two-storey homes saw a 0.5% drop in average price to $1,480,706, compared to 2016\u2019s fourth quarter.<\/p>\n<p style=\"text-align: justify;\">Last quarter, the City of Langley saw the highest year-over-year aggregate price gain in the region with a 12.3% increase to $791,721. Meanwhile the previous leader in Q1 2017, Richmond, saw a moderate 2.5% uptick to $1,057,629 compared to a year ago.<\/p>\n<p style=\"text-align: justify;\">For many homebuyers, homes in the City of Vancouver are out of their price ranges, spurring them to search for affordable options in neighbouring suburbs.<\/p>\n<p style=\"text-align: justify;\">\u201cI think naturally due to affordability people are migrating east. And they don\u2019t want to compromise on quality of life, schools, lifestyle and I think Langley offers a lot of that,\u201d says LePage\u2019s Dinani.<\/p>\n<p style=\"text-align: justify;\">By the end of the year, Royal LePage anticipates Greater Vancouver will see a slight year-over-year price gain of 0.5% to $1,208,780 compared to 2016\u2019s fourth quarter aggregate price of $1,202,766.<\/p>\n<p style=\"text-align: justify;\">However, on Wednesday the Bank of Canada increased its key interest rate, which influences mortgage rates, by 25 basis points to 0.75%. With higher interest rates for mortgages, the region\u2019s housing market could be noticeably impacted.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019ll have to see if this is the first of more interest rate hikes, if it is we\u2019ll probably see a levelling in both segments of the market. Condos, townhouses, the attached and detached segment,\u201d says Dinani.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/07\/demand-condos-pushes-greater-vancouver-prices-second-quarter.html\" target=\"_blank\" rel=\"noopener\">Demand for Condos Pushes Greater Vancouver Home Prices Up in Second Quarter<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Greater Vancouver condo prices continued to surge in the second quarter of 2017, while detached prices slowly began to stabilize from record gains seen last year. Last quarter, the aggregate &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/07\/greater-vancouver-condo-prices-continued-to-surge-in-the-2nd-quarter\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-6494","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Greater Vancouver Condo Prices Continued to Surge in the 2nd Quarter &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/07\/greater-vancouver-condo-prices-continued-to-surge-in-the-2nd-quarter\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver Condo Prices Continued to Surge in the 2nd Quarter &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Greater Vancouver condo prices continued to surge in the second quarter of 2017, while detached prices slowly began to stabilize from record gains seen last year. 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