Relative change in Greater Vancouver real estate prices for benchmark homes over the past five years. Blue line shows detached houses

Real estate saw varied gains in 2011

Houses outperformed townhomes, condos in Metro Vancouver and the Fraser Valley.

Housing prices slumped in the second half of 2011, but real estate markets in the Lower Mainland ended up for the year overall.

The gain was bigger in the western half of the region, with the Real Estate Board of Greater Vancouver reporting detached houses typically rose 11.2 per cent for the year to $887,000.

The hottest gain was a 34 per cent jump in Port Moody, where the Evergreen Line is now assured to pass through after funding for the SkyTrain extension was secured in recent months.

Houses on the west side of Vancouver also gained 20 per cent, while the east side, West Vancouver, North Vancouver, Burnaby and South Delta all saw benchmark houses gain 13 to 16 per cent.

Attached homes and condos gained more modestly, up roughly four per cent on average.

The Fraser Valley Real Estate Board (FVREB), which covers Surrey, White Rock and North Delta, reported benchmark houses gained 3.3 per cent in 2011 to $523,000.

Townhouses and condos dipped, however, declining 2.1 per cent (to $315,000) and 1.2 per cent (to $237,000) respectively.

“One trend from 2011 that is clear was the preference for single family homes,” FVREB president Sukh Sidhu said. “For the most part in our region, both sales and prices of townhomes and condos either stayed on par with 2010 or decreased.”

The hottest area was White Rock and South Surrey, where sales were strong and prices of benchmark detached houses climbed 10.8 per cent to $818,000.

The most expensive cities in which to buy across the Lower Mainland remained the west side of Vancouver with benchmark detached houses nearing the $2 million level, West Vancouver houses at nearly $1.7 million and Richmond, at $1.07 million.

Benchmark houses can still be found for under $600,000 in areas like Maple Ridge, Pitt Meadows, North Delta, Surrey, Port Coquitlam and Langley in Metro Vancouver. In the Fraser Valley, equivalent prices are $424,000 in Abbotsford and $344,000 in Mission.

The Greater Vancouver statistics show the average residential property bought five years ago has gained almost 30 per cent since then.

Detached houses performed slightly better (up 38 per cent) than condos or townhouses (both up just over 20 per cent) over the five years.

Median prices of detached houses in the Fraser Valley are up 26 per cent over five years.

Just Posted

WATCH: Kan Yon restaurant break-in caught on camera

Owner Kevin Kwong said the break-in will not stop him from doing business

Letter: With Greyhound cuts, cancer care still available for rural residents

Editor, In light of the Greyhound bus lines reducing service in British… Continue reading

Savage West rock at a hoedown for a cause in Hope

Owners of Broke Buckle Clothing Co. held the event to benefit the Heart and Stroke Foundation

Snow prayers answered as Manning Park ski hill opens Friday

Ski hill will be open seven days a week starting Dec. 14, and cross-country trails as well

Fleeing driver picks fight with Chilliwack police dog, loses

Good dog ‘Griff’ also locates large quantity of what police believe to be crystal meth in Abbotsford

VIDEO: Royals reveal the images on their Christmas cards

Prince William and his wife Kate are shown outside in casual clothes, their three young children in tow

VIDEO: Giants winning streak halts against Everett Friday at home in Langley

Following their first loss since November, G-Men hope to regroup and defeat Victoria on Saturday.

ICBC to apply for 6.3% hike to basic insurance rates

Crown Corporation said it will be submitting its next basic rate application to the British Columbia Utilities Commission Friday

Media, robotics, Indigenous studies coming to B.C. Grade 12 classrooms in 2019-20

Provincial tests are also being changed for students in Grade 10 to 12, the Education Ministry said

Stranded B.C. trucker writes final wishes before being rescued 3 days later

‘I was just praying someone would come along’

Canfor Corp. extending temporary curtailment of sawmills in B.C.; cutting hours

Vancouver-based company says the decision is due to declining lumber prices, high log costs and log supply constraints

Canada’s prospective world junior team members await final roster decisions

Thirty-four players were invited to the national junior selection camp

MAP: Christmas light displays in the Lower Mainland

Send us pictures of your National Lampoon-style lit-up homes, nativity scenes or North Pole playlands

Family searching for B.C. professor last seen at Colombian salsa club

Ramazan Gencay, a professor in economics at Simon Fraser University, was last seen in Medellin

Most Read