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And to be clear, these numbers are for resales of existing condos, not presales of units that haven’t yet been built.

In Burnaby, a condo near Government Road recently sold for $526,500, according to Sutton Group West Coast Realty agent Solomon Yasin. It’s a two-bedroom, one-and-a-half bathroom unit built in the 1990s that would have gone for about $350,000 to $400,000 two years ago, he estimates.

“There were seven offers on it. When you have a lot of multiple offers, after the sale you have six other buyers waiting and wanting to buy, and the backlog keeps adding up,” he says. “Buildings that allow rentals, like this one, bring out a pool of investors too, which means more buyers.”

So, why have prices continued to climb?

“Essentially, it proves that supply is an issue even in resales (of condos),” says Michael Ferreira of Vancouver-based Urban Analytics, which provides data about new condos for developers, planners and bankers. “Listings are still down and we’re in a situation here where people are not forced to sell, so they’re going to hold on.”

When it comes to presales, which are not captured in the real estate board’s statistics and are not subject to the foreign-buyers tax, the price gains have been significant too, according to Ferreira. Between 2015 and 2017, the per square foot presale condo price went up by 57 per cent in Burnaby, by 60 per cent in Port Coquitlam, by 61 per cent in Richmond and by 66 per cent in Surrey. Recently, Ferreira updated these figures to include presales made in 2018, showing the price increases for Burnaby and the west side of Vancouver are between 70 and 80 per cent.