Greater Vancouver’s benchmark price for town homes sold last month reached $803,700, down 0.2 per cent since November and up 18.5 per cent compared with December, 2016. The region’s benchmark price for detached houses last month was $1,605,800, down 0.1 per cent since November and up 7.9 per cent from a year earlier.
“Competition was intense in the condominium and town home markets, with multiple-offer situations becoming commonplace,” board president Jill Oudil said in a statement.
Fraser Valley board president Gopal Sahota said there has been an “incredible shift in demand to attached-style homes, particularly in our larger communities” such as the sprawling suburb of Surrey.
Rafal Gerszak/The Globe and Mail
Rick Ilich, founder of Vancouver-based development firm Townline Homes, said the combination of healthy demand and reduced supply has sent condo prices surging.