Massive price gains in south of Fraser condo market
Posted January 30, 2018 10:54 am.
This article is more than 5 years old.
LOWER MAINLAND (NEWS 1130) – We know housing in this region is expensive, but new numbers are showing huge price increases in our region’s condo market.
These jumps are especially evident south of the Fraser.
North Delta condos lead the way with a 52.7 per cent year-over-year increase in price. In Surrey, we saw prices in that segment rise 39.7 per cent.
Surrey City Councillor Bruce Hayne says the fact homes have still been reasonably priced is the reason why we’re seeing such rapid price acceleration.
“There’s lots of people on both ends of the market. The new entry-level people — the millennials getting into the market — as well as the downsizers… find condos very appealing,” says Hayne.
Hayne points out Surrey has averaged about 1,000 newcomers a month over the last decade and naturally, that’s going to affect real estate prices.
“The vast majority of the people who are moving to the area are coming south of the Fraser, so that’s putting upward pressure on the real estate south of the Fraser,” says Hayne.
As for the overall picture across all residential segments, the Real Estate Board of Greater Vancouver saw prices rise 10.4 per cent year over year, while prices are up 15 per cent for the Fraser Valley Real Estate Board.
