April 6, 2017

Average Sale Prices for Condos Outside Vancouver Showing Double-Digit Gains


Average sale prices for condos outside Vancouver, such as in New Westminster and Abbotsford, are showing some double-digit annual gains, according to the Multiple Listing Service.

In New West, the average sale price for condominiums in March went up 17 per cent compared with the year before. In north Surrey or Whalley, it rose 18 per cent. In Abbotsford, the gain was 30 per cent.

In part, it comes as homebuyers continue to seek more-affordable options and are discovering markets that have been “missed” in previous price rises such as New Westminster, said Don R. Campbell, a senior analyst at the Langley-based Real Estate Investment Network, which publishes real estate research.

He discussed this in a report released Tuesday and pointed out that the average sale-price gain, year-on-year, for two-bedroom condos in New West was 24 per cent, and for three-bedroom condos, 30 per cent. “There are some new(ly built) homes, which will sell for more, and this skews the number a bit, but there has been demand for two- to three-bedroom (condo) units.

Claire Desmarais bought a pre-sale unit directly from the developer at The Sapperton at Brewery District in New West, choosing it for its location near SkyTrain, view of the river and because it felt near “up-and-coming opportunities, especially for local businesses.”

“It’s definitely a development that was targeted to my demographic,” said Desmarais, 29, who works in Vancouver as a manager of music partnerships and was wary of a long commute. “They had branding that could have been by a Main Street brewery. It was all cool and that robin’s-egg blue colour with trendy typography. It could have been on any signage off of Mount Pleasant.”

Click here to read the rest of the article by Joanne Lee-Young on at VancouverSun.com.