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

Agassiz Community Gardens hoping to find new home at old McCaffrey school

The society has been looking for a new location since its previous gardens were sold in October

Kent looking to replace Ferny Coombe pool with indoor facility

The facility being built is dependent on grant funding from the province and federal government

B.C. storm totals $37M in insured damages

The December storm wreaked havoc on B.C.’s south coast

Escape room brings ‘out of the box’ activity to Agassiz

AESS alumni and teacher developed the concept to bring teamwork-based entertainment to the town

Hatzic man charged with assaulting Chilliwack RCMP officers

Jason Roberto Vatcher was out on bail facing firearms charges

B.C. opioid crisis to get same world-renowned treatment approach as HIV/AIDS

A program that focuses on treatment as prevention will roll out Jan. 17

Olympian snowboarder Max Parrot diagnosed with Hodgkin’s lymphoma

Each year in Canada, approximately 900 people are diagnosed with Hodgkin’s lymphoma

‘Prince of Pot’ Marc Emery accused of sexual assault, harassment

Emery denied the allegations, but a Toronto woman says she is not the only one speaking out

Vancouver Island photographer makes National Geographic’s 2018 elite

Rare double honour for Marston from the 36 best Your Shots out of nearly 19,000 photos

Ex-Liberal candidate in Burnaby, B.C., says volunteer wrote controversial post

Karen Wang dropped out following online post singling out NDP Leader Jagmeet Singh’s ethnicity

Asteroids are smacking Earth twice as often as before

The team counted 29 craters that were no older than 290 million years

Canada’s arrest of Huawei exec an act of ‘backstabbing,’ Chinese ambassador says

China has called Canada’s arrest of Huawei chief financial officer Meng Wanzhou ‘politically motivated’

Manure company causing ‘toxic’ stink at Abbotsford school seeks permit

Property across from King Traditional Elementary cannot operate manure facility without permit

Vancouver city council endorses free transit for youth

Mayor Kennedy Stewart will write a support letter to TransLink

Most Read