{"id":9769,"date":"2018-07-19T11:11:10","date_gmt":"2018-07-19T18:11:10","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9769"},"modified":"2018-07-10T14:54:01","modified_gmt":"2018-07-10T21:54:01","slug":"greater-vancouver-condo-prices-continue-to-skyrocket","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/07\/greater-vancouver-condo-prices-continue-to-skyrocket\/","title":{"rendered":"Greater Vancouver Condo Prices Continue to Skyrocket"},"content":{"rendered":"<p style=\"text-align: justify;\">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\u2019t stop condo prices from soaring to new heights last quarter, and market experts expect further growth in the coming months.<\/p>\n<p style=\"text-align: justify;\">In the second quarter of 2018, the median price of a condo hit $692,452 \u2014 a whopping 18.4% increase from Q2 2017, according to the Royal LePage House Price Survey, released today.<\/p>\n<p style=\"text-align: justify;\">\u201cCondominium prices continue to grow at unprecedented levels across Greater Vancouver,\u201d says Vancouver-based realtor Adil Dinani, in a press release.<\/p>\n<p style=\"text-align: justify;\">\u201cPurchasers 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,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">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\u2019s largest housing markets.<\/p>\n<p style=\"text-align: justify;\">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% and 4.1% year-over-year to $1,564,303 and $1,443,105, respectively.<\/p>\n<p style=\"text-align: justify;\">Last quarter, the aggregate home price in Greater Vancouver rose 7.2% year-over-year to $1,269,816.<\/p>\n<p style=\"text-align: justify;\">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\u2019s detached market last quarter.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">\u201cTo 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,\u201d says Dinani.<\/p>\n<p style=\"text-align: justify;\">Looking ahead, Royal LePage predicts that Greater Vancouver\u2019s 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% quarter-over-quarter to $1,289,120.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/07\/greater-vancouver-condo-prices-skyrocket-housing-affordability.html\" target=\"_blank\" rel=\"noopener\">Greater Vancouver Condo Prices Continue to Skyrocket Despite Housing Affordability Constraints<\/a> by Kerrisa Wilson | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019t stop condo &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/07\/greater-vancouver-condo-prices-continue-to-skyrocket\/\">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-9769","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 Continue to Skyrocket &#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\/07\/greater-vancouver-condo-prices-continue-to-skyrocket\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver Condo Prices Continue to Skyrocket &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"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\u2019t stop condo &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/07\\\/greater-vancouver-condo-prices-continue-to-skyrocket\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/07\\\/greater-vancouver-condo-prices-continue-to-skyrocket\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Greater Vancouver Condo Prices Continue to Skyrocket\",\"datePublished\":\"2018-07-19T18:11:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/07\\\/greater-vancouver-condo-prices-continue-to-skyrocket\\\/\"},\"wordCount\":351,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/07\\\/greater-vancouver-condo-prices-continue-to-skyrocket\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/07\\\/greater-vancouver-condo-prices-continue-to-skyrocket\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/07\\\/greater-vancouver-condo-prices-continue-to-skyrocket\\\/\",\"name\":\"Greater Vancouver Condo Prices Continue to Skyrocket &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2018-07-19T18:11:10+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/07\\\/greater-vancouver-condo-prices-continue-to-skyrocket\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/07\\\/greater-vancouver-condo-prices-continue-to-skyrocket\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/07\\\/greater-vancouver-condo-prices-continue-to-skyrocket\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Greater Vancouver Condo Prices Continue to Skyrocket\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Greater Vancouver Condo Prices Continue to Skyrocket &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2018\/07\/greater-vancouver-condo-prices-continue-to-skyrocket\/","twitter_card":"summary_large_image","twitter_title":"Greater Vancouver Condo Prices Continue to Skyrocket &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"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\u2019t stop condo &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2018\/07\/greater-vancouver-condo-prices-continue-to-skyrocket\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/07\/greater-vancouver-condo-prices-continue-to-skyrocket\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Greater Vancouver Condo Prices Continue to Skyrocket","datePublished":"2018-07-19T18:11:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/07\/greater-vancouver-condo-prices-continue-to-skyrocket\/"},"wordCount":351,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2018\/07\/greater-vancouver-condo-prices-continue-to-skyrocket\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2018\/07\/greater-vancouver-condo-prices-continue-to-skyrocket\/","url":"https:\/\/www.roryc.ca\/blog\/2018\/07\/greater-vancouver-condo-prices-continue-to-skyrocket\/","name":"Greater Vancouver Condo Prices Continue to Skyrocket &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2018-07-19T18:11:10+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/07\/greater-vancouver-condo-prices-continue-to-skyrocket\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2018\/07\/greater-vancouver-condo-prices-continue-to-skyrocket\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2018\/07\/greater-vancouver-condo-prices-continue-to-skyrocket\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Greater Vancouver Condo Prices Continue to Skyrocket"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/9769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=9769"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/9769\/revisions"}],"predecessor-version":[{"id":9770,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/9769\/revisions\/9770"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=9769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=9769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=9769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}