Condo prices up, single-family home prices down—that's this summer's real estate story in Vancouver

Posted by Michael La Prairie on Wednesday, September 12th, 2018 at 6:40am.

Over the past 12 months, the benchmark price for detached properties is down 14.6 percent in Point Grey and 14 percent in Kerrisdale

Condo prices up, single-family home prices down—that's this summer's real estate story in Vancouver

During the 2017 provincial election campaign, NDP candidates didn't explicitly state that they wanted to drive down home prices.

However, they did say that they were going to make housing more affordable.

Here's how that's translated in Vancouver:

* single-family home prices have fallen off sharply;

* and condo prices are up significantly.

So if you're in the market for a $3-million home, yes, housing has become more affordable.

But you're out of luck if you're looking for a $400,000 condo—those prices are much higher.

The latest numbers from the Real Estate Board of Greater Vancouver show that in August, the benchmark sale price for a single-family home in Point Grey was down 14.6 percent from a year ago.

For detached properties in MacKenzie Heights, the annual drop was 14.4 percent. Elsewhere on the West Side, Kerrisdale was off 14 percent, Kitsilano was down 11.8 percent, and Quilchena declined by 9.3 percent for detached properties.

The fall in single-family home prices wasn't as severe on the East Side: South Vancouver fell 6.5 percent, Main was down by 7 percent, Fraserview was off by 5 percent, and Renfrew Heights and Fraser declined by 3.8 percent.

In every area on the East Side, condo benchmark prices went up in August over the same month in 2017. Increases ranged from 3.5 percent in Mount Pleasant to 19.9 percent in Killarney. Two other East Side neighbourhood with significant condo price increases were Fraserview (18.8 percent) and Champlain Heights (16.8 percent).

The benchmark price for condos also increased in every West Side neighbourhood on an annual basis, ranging from 4.2 percent in Oakridge to 12.4 percent in Marpole. The western section of Mount Pleasant was up by 2.1 percent, the West End was up 2.5 percent, and Coal Harbour rose by a staggering 17.4 percent.


Continue reading Condo prices up, single-family home prices down—that's this summer's real estate story in Vancouver at Straight Vancouver Website

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