Fraser Valley Condo Sales Sold Above Asking Price Reaching Epic Proportions

Condo prices across Vancouver continue to push higher towards ever dizzying heights. In September 43% of all Vancouver condos sold above asking price, a slight drop off from previous months. However, much of the activity appears to be shifting towards the suburbs.

Fraser Valley condos are being driven up to new heights, with locals squeezing each other out, eagerly trying to get their foot in the door. This ‘drive to qualify’ has pushed the MLS benchmark upwards of 35% this year.

Fraser Valley condo benchmark price
Fraser Valley Condo MLS Benchmark price up 35% Y/Y

Condos Selling Above Asking Price is the New Normal

If that wasn’t evidence enough of just how detached from reality things have become, the following charts should help. Here is the total number of condos sold above asking price by area.

Abbotsford

Abbotsford condo sales
Abbotsford condo sales above asking price.

Langley

Langley Condo Sales
Langley Condos Sold Above Asking Price.

North Surrey

North Surrey condo sales
North Surrey Condo Sales Sold Above Asking Price.

South Surrey

South Surrey Condo Sales.
South Surrey Condo Sales Above Asking Price.

As you’ll notice, there’s been nearly as many condo sales above asking price in 2017 than the last 16 years combined, and we still have a couple more months to go…

Let the soak in while we reflect on a 2013 quote from former Bank of Canada Governor Mark Carney, “Real wealth is built through innovation, and it’s gained through hard work, it’s not through some magical asset inflation.”

Oops.

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