Growth in Lower Mainland home prices slows in April: report

Homes continue to sell quickly once listed

Prices for Lower Mainland homes continued to climb in April, albeit more slowly than they did last year, according to real estate numbers released Wednesday.

The Fraser Valley Real Estate Board said that apartments, which have seen a 46 per cent jump in cost since April of last year, have increased by just 1.6 per cent since last month.

That’s a slower rate of increase compared to last spring when apartment values averaged three-to-four per cent increases monthly.

Townhouses saw a 1.5 per cent increases in cost compared to last month and a 23 per cent increase compared to last April.

Detached homes continue to see the the slowest growth at 0.8 per cent since March and 13.5 per cent since last year.

Although the number of active listings was up across the Fraser Valley, the board said that sales stayed slow and were down 23.4 per cent compared to this time last year.

Speaking to Black Press Media last month, Michael Trites, managing broker with Royal LePage NorthStar in Surrey, said that the new mortgage rules were slowing down sales.

The new “stress test” means that all borrowers must now qualify for a mortgage based on either the five-year benchmark rate or their lender’s actual rate plus two per cent, whichever is higher. The change will apply to all mortgages, new or renewed, even if the down payment exceeds 20 per cent.

However, once homes are listed they continued to sell quickly.

Apartments and townhouses continued to sell within about two weeks and detached homes sold in under a month.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

UPDATE: One dead, two in hospital after Highway 1 crash near Bridal Falls

Closure expected to last hours, while drivers are told to take detours

B.C. Ferries cancels Swartz Bay-Tsawwassen sailings over propulsion problem

11:00 ferry now good to go, but lines anticipated

‘It’s a very real and acute issue:’ agriculture expert on food insecurity in Hope

New food and agriculture plan presented to public Tuesday

27 years of supporting victims and survivors of crime and trauma

Marianne Brueckert with Victim Services says it is a gift to work with survivors of crime, tragedy

A little school club with a big goal of better mobility for students

Coquihalla Elementary’s PeaceJam group asks businesses to fund adaptive tricycles

Buy a lotto ticket and be a hero to B.C. burn victims

The Hometown Heroes Lottery is offering up seven grand prizes including a home in Lake Country

VIDEO: Pipeline supporters rally across B.C.

Five simultaneous events organized by month-old Suits and Boots lobby group

Giant beer tanks arrive in new B.C. home city

Molson Coors tanks finish river journey and move to overland trip in Chilliwack

VIDEO: B.C. woman praises burn fund after boat explosion in 1978

White Rock woman was 16 years old when she was left with second- and third-degree burns

B.C.’s Ryan Craig, Vegas Golden Knights chase history

Local product behind bench for expansion team’s incredible championship run

CP rail workers give strike notice

Employees could walk out as early as Tuesday at 7 p.m. PT

Suspected scammer attempts to use Black Press newspaper to dupe woman

Canadian Anti-Fraud Centre offers tips after Langley resident received suspicious call

Vote points to abortion being legalized in Ireland

Voters asked whether to keep or repeal Eighth Amendment to Roman Catholic Ireland’s Constitution

Most Read