Condo and townhome prices surging south of the Fraser
Published Saturday, June 3, 2017 6:37PM PDT
Last Updated Saturday, June 3, 2017 6:55PM PDT
The area south of the Fraser saw near historic home sale numbers last month, with condos and townhomes seeing higher spikes in prices than detached houses.
In a May 2016 to May 2017 month to month comparison, apartment prices increased by 31 per cent and townhome prices increased by 25.7, according to statistics from the Fraser Valley Real Estate Board. The increase for detached houses was more moderate, at 9.8 per cent.
Solon Bucholtz, a real estate agent with Solon Real Estate Marketing, says he’s seen that spike first hand.
“Last year we found the detached homes increased in price quite rapidly to the point now they're outside of the budget for most families,” he told CTV News. “As a result, pressure has actually increased on the townhome and condo market.”
Bucholtz sold a condo in the Willoughby area of Langley Friday for $335,000, which was a 43 per cent increase in just two and a half years. But that kind of demand is recent. In 2014, that same condo spent 175 days on the market before selling for less than listing price.
Judy Coogan, 69, wanted to move from Port Coquitlam to Langley to be closer to family. But searching for a new condo wasn’t easy—she faced failed offers as prices kept going up.
“That was really frightening,” she said. “The reality, when I did find something, was that you couldn't have exactly what you wanted.”
She put in several offers on places but didn't get them. She ended up paying above listing price for the condo in Langley she moved into.
Some relief may be on the horizon, though, because Langley saw an increase in new housing inventory in May. In Willoughby, there were more condos and townhomes being built.
With a report from CTV Vancouver's Michele Brunoro