Region's condo prices increase 24%, houses up 12%

Region's condo prices increase 24%, houses up 12%

The price of a two-storey home declined by 2.7 per cent year over year to $400,006 while the price of a bungalow dipped by 0.2 per cent to $299,178.

The company's survey of housing prices in the fourth quarter of 2017 showed the median price of a two-storey home was up two per cent to $443,553 compared to the same period a year earlier, while bungalows increased by 2.4 per cent to $374,412. The median price of a condo jumped 20.2% year-over-year to $651,885. Condominiums markets in both areas grew impressively with median prices climbing 25.1% and 18.8% year-over-year.

· Residential real estate in the City of Vancouver appreciated across all housing types studied, rising 12% year-over-year to $1,480,712.

"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.

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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 prospective homeowners in our largest cities, condominiums represent the last bastion of affordability", said Phil Soper, president and CEO, Royal LePage.

"Home values have continued to strengthen across Greater Vancouver, particularly in the entry-level market where conditions have intensified even further, and competition for available property is stiff", Royal LePage Sterling Realty general manager said Randy Ryalls in a statement. Royal LePage said the new measure would slow the housing market in the first half of the year, as buyers adjust their expectations and many take a "wait-and-see" approach.

It suggested prices will continue their steep climb until significant new supply is added to the market. However, we do foresee an upswing in demand in the latter portion of the year, as prospective buyers adjust to the new realities. Commentary on housing and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE.

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