Demographics pushing condo prices higher: Royal LePage
The price per square foot of a condominium in Greater Vancouver declined the most among Canada’s largest cities in the first seven months of the year, according to a new Royal LePage report.
The per-square-foot price of a condo in Greater Vancouver fell 8.3 per cent year-over-year to $764 as a correction in the region's housing prices continued, the real estate company said Wednesday. That compares with a 9.1 per cent increase to $743 per square foot for a Greater Toronto Area condo, Royal LePage said.
“With a deceleration in Vancouver’s condo market, buyers for the first time in several years can benefit from the changing landscape,” Adil Dinani, real estate advisor with Royal LePage West Real Estate Services, said in a release.
“Higher inventory levels have resulted in the market nearing the point of oversupply and price per square foot has been decreasing considerably in this category.”
Still, while Greater Vancouver condos have become more affordable, Royal LePage found that the city of Vancouver posted the highest median condo price per square foot at $1,044 despite declining 6.3 per cent year-over-year.
By comparison, the median price per square foot for a condo in the cities of Toronto, Montreal and Ottawa rose to $839, $433 and $444, respectively.