{"id":9015,"date":"2018-05-04T10:10:10","date_gmt":"2018-05-04T17:10:10","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9015"},"modified":"2018-05-03T17:09:39","modified_gmt":"2018-05-04T00:09:39","slug":"greater-vancouver-condo-prices-just-hit-700000","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/05\/greater-vancouver-condo-prices-just-hit-700000\/","title":{"rendered":"Greater Vancouver Condo Prices Just Hit $700,000"},"content":{"rendered":"<p style=\"text-align: justify;\">Although Greater Vancouver condo sales fell year-over-year in April, prices continued to climb surpassing the $700,000 mark for the first time.<\/p>\n<p style=\"text-align: justify;\">Last month, the benchmark price of a condo hit $701,000, a roughly 24% increase from a year ago when prices sat at $554,100, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV), published this week. Condo prices were also up 1% from March 2018 when the benchmark price was $693,500.<\/p>\n<p style=\"text-align: justify;\">\u201cVancouver was expensive when I got into the business 13 years ago, it continues to be expensive now and I believe it will be expensive for the unforeseeable future,\u201d Vancouver realtor Adil Dinani tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Although demand for condos has softened from a year ago, supply remains tight in the market, causing prices to rise.<\/p>\n<p style=\"text-align: justify;\">Last month, condo sales totaled 1,308, a 24% decline from the 1,722 sales in April 2017.<\/p>\n<p style=\"text-align: justify;\">According to REBGV, the introduction of new mortgage regulations in January 2018, along with interest rate hikes, has reduced purchasing power for buyers, which is being felt across all property types in the region.<\/p>\n<p style=\"text-align: justify;\">As condos are typically the more affordable homeownership option, Dinani says many first-time buyers and investors are opting for condos instead of detached and attached homes.<\/p>\n<p style=\"text-align: justify;\">\u201cCondos under half a million are still extremely active because it\u2019s the last touchpoint of affordability in our marketplace. And it\u2019s the Millennial buyer that\u2019s driving that segment,\u201d says Dinani.<\/p>\n<p style=\"text-align: justify;\">But as prices in the condo segment continue to soar, price growth in the detached and attached segments has slowed.<\/p>\n<p style=\"text-align: justify;\">Last month, the benchmark price of an attached home was $854,200, up roughly 18% from a year ago. Meantime, a detached home hit $1,605,800 in April \u2014 a 5% increase from the same time last year.<\/p>\n<p style=\"text-align: justify;\">With the gap between detached homes and condo prices shrinking, Dinani says buyers are considering putting their home buying plans on hold to save more and eventually purchase a bigger home.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s an argument that entry-level detached homes are actually a buying opportunity now because they\u2019ve seen limited to no growth since the implementation of the foreign buyer tax in the summer of 2016,\u201d says Dinani.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/05\/greater-vancouver-condo-prices-hit-700000.html\" target=\"_blank\" rel=\"noopener\">Greater Vancouver Condo Prices Just Hit $700,000<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although Greater Vancouver condo sales fell year-over-year in April, prices continued to climb surpassing the $700,000 mark for the first time. Last month, the benchmark price of a condo hit &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/greater-vancouver-condo-prices-just-hit-700000\/\">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-9015","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 Just Hit $700,000 &#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\/2018\/05\/greater-vancouver-condo-prices-just-hit-700000\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver Condo Prices Just Hit $700,000 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Although Greater Vancouver condo sales fell year-over-year in April, prices continued to climb surpassing the $700,000 mark for the first time. 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