Average price of Vancouver condo up 20% to $775806

Average price of Vancouver condo up 20% to $775806

In a press release, Royal LePage said when broken down by housing type, the median price of a two-storey home in Halifax rose 4.6 per cent year-over-year to $337,975.

The survey found that the aggregate home price in Greater Vancouver increased 8.2 per cent to $1,267,769 in the three months leading up to December, compared with the same period a year ago. In the GTA, the median price of a condominium increased 19.5% year-over-year to $476,421, while in Greater Vancouver condos rose 20.2% to $651,885.

"With aggregate home prices coming in just under $500,000, favourable interest rates and regional growth of 15,000 people annually, we expect to see continued robust activity in Kitchener, Waterloo and Cambridge real estate on the horizon", he said. "Demand for two-storey homes and bungalows is down significantly as our retiree population shifts from larger properties into condominiums and apartments, while many younger would-be buyers are pursuing rentals or leaving the province in search of job opportunities".

Nationally, the price of a home increased 10.8 per cent year-over-year to $626,042 in the quarter. "This is especially true for first-time buyers whose purchasing power has been reduced by tightening mortgage regulations".

Going forward, Royal LePage predicts that low inventory levels will continue to impact price appreciation with the aggregate home price increasing by 5.2 per cent by the end of 2018.


Condos were the only market segment to appreciate on a quarter-over-quarter basis among all housing types studied, rising 1.1% in the final three months of the year.

It suggested prices will continue their steep climb until significant new supply is added to the market. "Policy measures like the OSFI stress test will quell runaway housing inflation to an extent".

Condos weren't the only housing type in Greater Vancouver to experience price appreciation last quarter, though the gains in other segments were relatively modest. "To put it another way, the demand is still there". That figure is based on data from 53 markets across the country.

The HPS assesses real estate trends in residential markets across Canada for the past quarter. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE.

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