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“With the sudden increase in value in our house in North Delta, we knew we could get a really good price,” Young said. “I believe that a condo will appreciate, not as rapidly as a detached home, but more than before because there is a significant desire for them, especially in New West and Vancouver because of the affordability. Most people don’t have $1.2 million for a house.”

In April, the number of condos sold in Greater Vancouver increased more than 33 per cent from the year before and the benchmark price increased just over 20 per cent to $475,000.

Some of the biggest gains were seen in the benchmark price for condos in West Vancouver, which went up 36.5 per cent, in East Vancouver, up 25.6 per cent, and on the west side, up 25.4 per cent. In Burnaby East, they went up by 21 per cent and in Port Moody, by 21.8 per cent.

For townhouses, the benchmark price in Port Coquitlam and Squamish rose 24.8 per cent and 25.7 per cent, respectively.

Michael Ferreira, principal with Urban Analytics, which collects real estate data, said condo prices of new units in prime areas are now rapidly increasing, some by $100,000 a year.

“There’s not enough product in the urban markets and as prices increase, we are seeing buyers who can’t afford condos there go for (properties) in South Surrey and Langley,” said Ferreira.

With more buyers looking into suburbs, some developments are selling within weeks. In one case, potential buyers camped out overnight in tents and even paid students to camp out on their behalf in order to keep their place in line. But it’s a phenomenon happening “all over the place with any project that gets launched at any price,” he said. “It’s not just buyers being priced out of single-family homes, but also out of condos in Vancouver, Richmond, Burnaby.”