Quote:
Originally Posted by Special K
Is the rate of increase in condos/townhouses now faster than detached??
It seems like people are moving towards multi-family now that 10 year old or less detached homes in Vancouver (not Greater Vancouver) are now starting at $1.6-$1.8m
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I'm not sure what's happening in other areas, but I can offer my observations on the areas I know.
Condos in the Brentwood area have increased nearly 20% over the last quarter. Townhouses in Burnaby generally have increased by the same amount - probably more, depending on the area (Metrotown, Lougheed Mall).
Multi-family in the Tri-Cities is through the roof right now. The vast majority of the townhouses in "desirable" areas such as Westwood Plateau, Burke Mountain, Heritage Mountain/Woods, and Klahanie are going above asking. Based on my observations and my brief access to sales data, I would say that benchmark prices for townhouses have gone up by at least 25% since last fall.