Condo, townhome demand driving Metro Vancouver real estate: REBGV

Demand for condos and townhomes is driving real estate sales across Vancouver | Shutterstock
Between January and April 2017, condo and townhome sales have made up 68.5% of total home sales across Metro Vancouver, according to Real Estate Board of Greater Vancouver (REBGV) data released May 2.

This is almost 10 percentage points higher than the 58.2% these home types averaged over the same four-month period last year.

Total residential property sales reached 3,5353 in April alone; this is a 25.7% drop compared with April 2016 but it was 4.8% the 10-year average for the month.

“Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels,” said REBGV president Jill Oudil. “It’s a different story in our condominium and townhome markets.

“Demand has been increasing for months and supply is not keeping pace.”

Oudil said this trend is pushing prices upward and “making multiple offer scenarios the norm.”

The benchmark price in April for all home types across Metro Vancouver was $941,100, which is up 11.4% year-over-year.

Condos had the biggest price increase at 16.6% over the past year, reaching $554,100. Townhome prices increased 15.3% year-over-year to $701,800.

REBGV stats cover Whistler, the Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge and South Delta. They do not include Surrey or Langley.