“There’s not enough product in the urban markets and as prices increase, we are seeing buyers who can’t afford condos there go to South Surrey and Langley,” he said.
Ferreira says there is an element of the price rises impacted by foreign ownership but that fear of missing out is a key driver to market activity.
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Condo prices have been rising sharply in Vancouver and some owners are cashing out and moving to larger and more affordable homes in the suburbs. Urban Analytics’ principal Michael Ferreira told The Financial Post that in some prime parts of the city, the price of new units is increasing $100,000 a month.