Condos, Townhouses in Vancouver Suburbs Break Price Records

Condos and townhouses in the suburbs of Vancouver are being purchased by entry-level buyers as prices for all housing types reach new highs.

The benchmark price for single-family detached houses in Greater Vancouver surpassed $1.56 million last month. This number set a record and represents a 38.7 per cent from June 2015.

The benchmark price for detached homes in the Fraser Valley neighbourhood, east of Vancouver hit a new high of $861,600 last month. This number represents a 41.3 per cent increase from June 2015.

Buyers who find detached homes out of reach due to the high prices are searching for cheaper condo units and townhouses located in the suburbs of British Columbia's Lower Mainland.

The prices for townhouses and condos set record highs in the areas covered by Fraser Valley Real Estate Board and Real Estate Board of Greater Vancouver.

There were 4,400 residential properties sold last month in Greater Vancouver, setting a record as the highest level yet for the month of June. In the Fraser Valley area, 2,864 residential properties were sold last month. The volume of sales decreased year-over-year for detached houses while sales volume went up for condos and townhouses.

In the City of Vancouver, the average price of detached homes jumped almost to $3 million. The average price of detached homes in Greater Vancouver reached $1.77 million.

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According to Brandan Price, a real estate sales professional, Vancouver and its surrounding areas are a great places to live in. He says there are numerous reasons for buying such as population growth, low interest rates and individuals helping their children.

Reference:

The Globe and Mail

http://www.theglobeandmail.com/…/the-lates…/article30761958/