{"id":8201,"date":"2018-02-12T10:10:12","date_gmt":"2018-02-12T18:10:12","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8201"},"modified":"2018-02-11T09:37:10","modified_gmt":"2018-02-11T17:37:10","slug":"condos-became-more-expensive-than-detached-homes-in-january","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/condos-became-more-expensive-than-detached-homes-in-january\/","title":{"rendered":"Condos Became More Expensive Than Detached Homes in January"},"content":{"rendered":"

Single-detached homes in Vancouver are now less expensive than condos\u2026 based on a price-per-square-foot (PPSF) basis, at least.<\/p>\n

In January, the average PPSF of a detached home in the city was $1,033 compared to $1,124 for condos, according to the Real Estate Board of Greater Vancouver\u2019s (REBGV) latest data, published this month.<\/p>\n

\u201cEither detached homes are underpriced or condos are grossly overpriced,\u201d Vancouver realtor Steve Saretsky tells BuzzBuzzNews.<\/p>\n

Saretsky says it\u2019s rare for the PPSF of a condo to surpass a detached home\u2019s PPSF, but with weak sales activity in the detached market, he expects that this trend will continue in the short-term.<\/p>\n

\u201cI think there\u2019s clear indication that the detached [market\u2019s] best days are sort of behind it,\u201d says Saretsky.<\/p>\n

Last month, the average sales price of a detached home in Vancouver was $2,797,295 compared to $2,242,375 in January 2017. Meantime, the average price of a condo soared to $1,090,317 in January compared to $774,227 a year ago.<\/p>\n

On the sales side, Vancouver\u2019s detached market saw a 3.4% uptick in January compared to a year ago, however the sales total is 47% below the 10-year average for the month.<\/p>\n

Meantime, condo sales in the city increased by eight per cent year-over-year and are three per cent above the 10-year January sales average.<\/p>\n

\u201cAll the factors are in place for the condo market to hold strong, there\u2019s basically no inventory right now. The buyers that are out there pulling the trigger. They\u2019re all basically competing with each other over the limited amount of inventory,\u201d says Saretsky.<\/p>\n

The realtor does caution that the current PPSF of a detached home only accounts for the square footage of the house itself. It does not include the value of the land, which Saretsky says is arguably where most of the value is.<\/p>\n

In December 2017, the average PPSF of a detached home and a condo in the city were both valued at $1,019.<\/p>\n

Here\u2019s One Way Vancouver Condos Became More Expensive Than Detached Homes in January<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"

Single-detached homes in Vancouver are now less expensive than condos\u2026 based on a price-per-square-foot (PPSF) basis, at least. In January, the average PPSF of a detached home in the city … [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-8201","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nCondos Became More Expensive Than Detached Homes in January • 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\/2018\/02\/condos-became-more-expensive-than-detached-homes-in-january\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Condos Became More Expensive Than Detached Homes in January • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Single-detached homes in Vancouver are now less expensive than condos\u2026 based on a price-per-square-foot (PPSF) basis, at least. 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