Pace of house price gains in Fraser Valley now nearly rivals Vancouver

26 per cent year-over-year benchmark real estate price jump has accelerated in recent months

Detached house prices in the Fraser Valley are up 26 per cent from a year earlier

Detached house prices in the Fraser Valley are up 26 per cent from a year earlier

House prices in the Fraser Valley have climbed at a much faster pace in recent months – almost as quickly as in the red-hot Vancouver-area real estate market.

The benchmark price of a detached house in the Valley hit $741,000 in March – up 26 per cent from $588,500 a year ago.

That’s a significant acceleration from last October, when the benchmark price was almost $100,000 lower at $649,200 and the gain for the previous 12 months was a mere 13 per cent.

The stats from the Fraser Valley Real Estate Board include Surrey, North Delta and White Rock.

The rest of Metro Vancouver recorded a benchmark price of $1,342,000 for detached houses – a year-over-year gain of 27.4 per cent.

Benchmark house prices rose more than 33 per cent in North Delta, and by between 25 and 30 per cent in Langley, South Surrey/White Rock, Cloverdale and north Surrey.

The fastest year-over-year price gains for detached houses in Greater Vancouver were in Tsawwassen (up nearly 40 per cent) as well as Richmond, Port Coquitlam, New Westminster, Ladner and east Burnaby (all over 30 per cent.)

Price gains for townhouses and apartments continue to be more gradual than for houses, up by around 15 per cent in the Fraser Valley and closer to 20 per cent in Greater Vancouver.

The Fraser Valley Real Estate Board also reported a 62-per-cent surge in sales in March from a year earlier, and a 31-per-cent jump in new listings.

“This market is uncharted territory for Fraser Valley real estate,” FVREB president Charles Wiebe said. “March came and went at a break-neck record-setting pace. I’ve never seen anything like it.”

The provincial government responded earlier this year to repeated calls to intervene in the real estate market with a higher property transfer tax on the priciest homes, and vows to curb undisclosed “shadow-flipping” by some realtors.

Just Posted

Cpl. Scott MacLeod and Police Service Dog Jago. Jago was killed in the line of duty on Thursday, June 17. (RCMP)
Abbotsford police, RCMP grieve 4-year-old service dog killed in line of duty

Jago killed by armed suspect during ‘high-risk’ incident in Alberta

Kalyn Head, seen here on June 4, 2021, will be running 100 kilometres for her “birthday marathon” fundraiser on July 23. (Jenna Hauck/ Chilliwack Progress)
Woman’s 100-km birthday marathon from Chilliwack to Abbotsford will benefit Special Olympics B.C.

Kalyn Head hopes run raises awareness, advocates for inclusion of people with intellectual disabilities

Dancers from the Sts’ailes First Nation perform the eagle dance at a welcome banner dedication ceremony on Thursday, June 10. “Ey Swayel” is a Halq̓eméylem term translated as ‘a good day.’ (Adam Louis/Observer)
VIDEO: ‘A good day’ for Agassiz school as Sts’ailes welcome banner is dedicated

Banner hangs above the school’s entrance, welcoming students, staff and visitors

Missing Abbotsford man Adam Hobbs was found deceased on Thursday evening (June 17).
Body of missing Abbotsford man Adam Hobbs found

Hobbs was reported missing Monday after leaving his job site in Langley

UFV athletes were honoured for their strength and perseverance during the pandemic. (UFV photo)
Fraser Valley athletes recognized in year without sports

UFV Cascades athletes honoured for strength shown during the pandemic

Marco Mendicino, Minister of Immigration, Refugees and Citizenship during a press conference in Ottawa on Thursday, May 13, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Canada to welcome 45,000 refugees this year, says immigration minister

Canada plans to increase persons admitted from 23,500 to 45,000 and expedite permanent residency applications

Emily Steele holds up a collage of her son, 16-year-old Elijah-Iain Beauregard who was stabbed and killed in June 2019, outside of Kelowna Law Courts on June 18. (Aaron Hemens/Capital News)
Kelowna woman who fatally stabbed teen facing up to 1.5 years of jail time

Her jail sentence would be followed by an additional one to 1.5 years of supervision

The George Road wildfire near Lytton, B.C., has grown to 250 hectares. (BC Wildfire Service)
B.C. drone sighting halts helicopters fighting 250 hectares of wildfire

‘If a drone collides with firefighting aircraft the consequences could be deadly,’ says BC Wildfire Service

A dose of the Pfizer-BioNTech COVID-19 vaccine is pictured at a vaccination site in Vancouver Thursday, March 11, 2021. THE CANADIAN PRESS/Jonathan Hayward
NACI advice to mix vaccines gets varied reaction from AstraZeneca double-dosers

NACI recommends an mRNA vaccine for all Canadians receiving a second dose of a COVID-19 vaccine

A aerial view shows the debris going into Quesnel Lake caused by a tailings pond breach near the town of Likely, B.C., Tuesday, Aug. 5, 2014. THE CANADIAN PRESS/Jonathan Hayward
Updated tailings code after Mount Polley an improvement: B.C. mines auditor

British Columbia’s chief auditor of mines has found changes to the province’s requirements for tailings storage facilities

A North Vancouver man was arrested Friday and three police officers were injured after a 10-person broke out at English Bay on June 19, 2021. (Youtube/Screen grab)
Man arrested, 3 police injured during 10-person brawl at Vancouver beach

The arrest was captured on video by bystanders, many of whom heckled the officers as they struggled with the handcuffed man

Surrey Fire Service battled a dock fire along the Fraser River late Friday night (June 18). It was on Musqueam Drive, near Industrial Road, around 10:45 p.m. (Photo: Shane MacKichan)
VIDEO: Fire engulfs pier on Surrey side of the Fraser River

Dock has reportedly been unused for a long time

People in Metro Vancouver can expect to experience a short wave of heat just in time for Father’s Day, according to Environment Canada. (Black Press Media files)
Short-lived heatwave headed for Metro Vancouver this weekend

Temperatures are expected to be up to 10 degrees higher than average Sunday and Monday

Most Read