A row of new townhouss under construction in Surrey.

Real estate gains strongest for detached houses in 2014

Typical house price hits $1 million in Burnaby, Greater Vancouver (with interactive charts of price changes by city)

Lower Mainland real estate prices recorded modest to strong gains in 2014, with detached houses generally rising faster than townhouses or condos.

Year-end statistics released by the Greater Vancouver and Fraser Valley real estate boards show benchmark detached houses on average gained 6.7 per cent over the past year.

Those increases ranged from more than 10 per cent in Vancouver, Tsawwassen and Burnaby to less than five per cent in West Vancouver, Maple Ridge, Pitt Meadows, Port Coquitlam, Langley, Abbotsford, Mission and parts of Surrey.

The increases pushed the benchmark price of houses above $1 million for the first time in Burnaby and for the Greater Vancouver area as a whole.

Benchmark house prices across the Fraser Valley area, which includes Surrey, White Rock and North Delta, ended the year at $573,100.

Benchmark prices show the shifts of a typical property and exclude the most expensive ones that can skew average prices much higher.

Price increases were more muted for townhouses and condos across the region.

Townhouses or attached homes averaged a 2.6 per cent gain across the Lower Mainland, with the strongest gains of more than seven per cent recorded in Maple Ridge, North Delta, Squamish and Vancouver’s west side.

Benchmark townhouse prices were $293,500 in the Fraser Valley and $476,000 in Greater Vancouver.

Condo prices dropped in value in several areas in 2014, with the Fraser Valley benchmark down 0.8 per cent and the biggest drops of nearly 10 per cent in Maple Ridge and North Surrey. Greater Vancouver condos gained 3.5 per cent on average.

Benchmark condo prices ended the year at $191,100 for the Fraser Valley and $380,700 for Greater Vancouver.

The December 2014 statistics provided by realtor associations are different from the just-released home assessments, which are conducted by BC Assessment and are intended to provide a valuation snapshot as of each July 1.

HOME PRICE CHANGES |Create infographics

Just Posted

Hope students visit Chilliwack’s second annual Youth Housing Conference

Hosted by Tzeachten First Nation and CMHC, the Conference is aimed at Aboriginal youth 15 to 30

Newly elected Hope politicians took part in the Local Government Leadership Academy

The three-day event is aimed at helping new mayors and councillors navigate municipal politics

Trudeau’s principal secretary, Gerald Butts, resigns amid SNC-Lavalin furor

Butts categorically denies the accusation that he or anyone else in the PMO improperly pressured former attorney general Jody Wilson-Raybould

VIDEO: Winterhawks end Giants winning streak at seven

Playing on home ice, Vancouver’s G-Men fell 5-3 during a Family Day game against Portland.

Aaron Pritchett and George Canyon to headline Gone Country concert in Cloverdale this summer

‘Early bird tickets on sale via Twins Cancer Fundraising website

Lost a ring? This B.C. man will find it for you

Chris Turner founded The Ring Finders, an international directory of metal detector hobbyists

Poverty coalition has high hopes for B.C. poverty reduction strategy

Funding allocation expected to be released with 2019 budget

‘How did we get here?’: B.C. mom of transplant recipient worries about measles outbreaks

Addison, 7, cannot get a live vaccine because she has a heart transplant

NDP Leader Jagmeet Singh calls for public inquiry over SNC-Lavalin questions

Vancouver member of Parliament Jody Wilson-Raybould resigned from cabinet last week

Canadian airlines waiting for guidance from Ottawa over X gender option

Major U.S. airlines said they will change their process so passengers can identify themselves along non-binary lines

UPDATE: Plane flips over at Pitt Meadows airport

The pilot and lone occupant exited the aircraft on his own and uninjured.

Most Read