Detached houses record fastest price gains

Benchmark prices of townhouses, condos lag in Lower Mainland real estate market

While detached house benchmark prices in the Fraser Valley have climbed above their pre-recession highs

Detached house prices climbed 5.2 per cent in the past year in the Fraser Valley, while townhouse and apartment prices are stagnant.

The Fraser Valley Real Estate Board reported its benchmark price for houses continued to gain in the early months of 2015 to reach $595,600 in April. That’s up 15 per cent from five years ago.

The strongest gains were in South Surrey/White Rock, where houses were up eight per cent since April of 2014.

Townhouses have been tepid, however, with the Fraser Valley benchmark price of $300,400 up just 0.6 per cent from a year earlier and down 1.9 per cent from five years ago.

Apartments have fared worse yet, with benchmark prices down 2.6 per cent from a year ago to $191,200. That’s a drop of 8.8 per cent from five years ago.

Abbotsford has actually seen strong one-year price gains for townhouses (up 7.3 per cent) and apartments (up 11 per cent) but apartment price drops of around eight per cent or more in Langley, Surrey and North Delta have pulled the regional average down.

Price gains continue to be stronger closer to Vancouver in communities tracked by the Real Estate Board of Greater Vancouver, which includes all cities north of the Fraser as well as Tsawwassen.

The REBGV benchmark price for detached houses was up 12.5 per cent from a year ago to $1.08 million and runs as high as $2.5 million on Vancouver’s west side.

Greater Vancouver townhouses gained 5.7 per cent on average from a year ago to $493,300 and apartments climbed 4.4 percent to $394,200.

“The supply of homes for sale today in the region is not meeting the demand we’re seeing from home buyers,” said REBGV president Darcy McLeod. “This is putting upward pressure on prices, particularly in the detached home market.”

 

Just Posted

RCMP nab prolific car thief in Agassiz after month-long search

A province-wide warrant was issued for Brian Robert Stephan in June for a litany of offences

Take-home naloxone may be replacing 911 calls in parts of Lower Mainland

Naloxone kits handed out up 29% over 2017, ambulance calls and emergency visits down 22-24%, deaths hold steady

New riverfront path under development

A path suitable for mobility scooters, pedestrians, cyclists and baby strollers

UPDATE: Anonymous tip leads DFO night patrol to Fraser River poachers

Charges pending after poachers arrested at night while fishing, 48 sockeye, harbour seal seized

Mt. Hicks fire 15% contained, continues to burn north of Agassiz

The fire, suspected to be caused by a vehicle with a flat tire, not threatening any structures

PHOTOS: B.C. city wakes up to darkness under wildfire smoke

The rest of the province also dealing with thick haze as smoky skies continue

Court sides with developer in Jumbo ‘substantially started’ dispute

Resort developer successfully argues 2014 decision that halted the project was unfair

Canada’s tax system unfairly favours wealthy, poll of CRA auditors suggests

Four of every five respondents think loopholes and tax credits built into the system benefit the rich

Banff’s Sunshine ski resort upset with proposed guidelines from Parks Canada

The plan would allow for more visitors but wouldn’t let Sunshine build additional facilities

Conditions improve for battling northwest B.C. wildfires, minister says

‘Self-evacuated’ people fleeing smoke advised to go home

UPDATED: B.C. matching Red Cross donations for victims of wildfires

Donations being taken by many organizations, BC Hydro waiving bills

VIDEO: ERT called to Port Moody home for distraught man with a gun

Officers negotiated with man for about four hours before he was arrested and taken to hospital

Woodpecker goes out with a bang, starts grassfire in B.C. city

Untimely death of woodpecker causes power outage in Cawston

Most Read