CHARTS: Lower Mainland house prices jump 7.7 per cent in May

Fastest real estate price gain in past six months has been in Surrey area (with interactive charts by city)

Demand for townhouses is up in the Fraser Valley.

Lower Mainland house prices climbed by an average of 7.7 per cent in May, according to the new monthly summary of transactions from area real estate boards.

The latest monthly increase means Fraser Valley detached house prices are up 38.3 per cent from one year ago to $834,200, and the benchmark detached house in the Greater Vancouver area is up 36.9 per cent to $1.51 million.

The biggest recent price gains have been in North Surrey and North Delta – both up just over 30 per cent in the last six months – followed by Richmond (up 29.8 per cent) and South Surrey/White Rock (up 28.3 per cent.)

SEE INTERACTIVE CHARTS OF GAINS BY CITY BELOW

Benchmark prices of townhouses were $365,000 across the Fraser Valley in April, up 20.4 per cent from a year ago, while apartments were up 17 per cent year-over-year to $225,200.

In the Greater Vancouver area, attached homes were up 24.9 per cent from one year ago to $632,400, while apartments were up 22 per cent to $485,200.

“Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today,” said Dan Morrison, president of the Real Estate Board of Greater Vancouver, which excludes Surrey, North Delta and White Rock.

“Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity.”

The Fraser Valley Real Estate Board is still seeing “tremendous” demand for detached houses despite signs that is levelling off, said president Charles Wiebe.

“We’re also seeing the ripple effects as consumers are looking to townhomes and apartments in record numbers. This year, so far, is the busiest those markets have ever been.”

Copy: HOME PRICE CHANGES APR2016Create bar charts

Just Posted

Surrey-North Delta Meals on Wheels in ‘desperate’ search for new partner

Without a new kitchen found by Sept. 1, the charity says it won’t have food to deliver to those in need

Why school portables are a ‘way of life’ in Surrey

THIRD IN A SERIES: A look at concerns surrounding Surrey’s 300-plus portables

Surrey-led StatsCan project sheds light on overdose victims

Findings from ‘unprecedented’ case-study to be used to fight national opioid crisis

Grieving mom hopes Facebook message leads to new investigation into son’s Surrey homicide

Criminal Justice Branch didn’t lay charges, concluding no substantial likelihood of murder or manslaughter conviction

Cloverdale community steps up, funds school’s first-ever grad dinner

Thanks to the generosity of several donors, Cloverdale Learning Centre celebrated in style

VIDEO: B.C. First Nation plans to launch legal challenge after Trans Mountain approval

Meanwhile, Premier John Horgan says he’ll continue to defend the B.C. coast

Unexpected snow blankets the Okanagan Connector

As of 6:50 a.m. DriveBC cameras displayed surprise snowfall on highway

Driver loses tire while behind the wheel after lug-nut thief strikes in Burnaby

Burnaby RCMP are investigating after two reports of lug-nut tampering in the city this month

Federal cabinet ministers visit Edmonton, Calgary, in wake of TMX approval

Natural Resources Minister Amarjeet Sohi is set to visit Trans Mountain Corp.’s terminal in Edmonton

B.C. municipality prepares to forbid overnight camping by homeless despite court ruling

While courts have ruled against blanket bans, Langley City is employing a site-by-site approach

B.C. auditor says Indigenous grad rate highest ever but education gaps exist

The percentage of Indigenous students graduating from B.C. public high schools has hit its highest level ever

Statistics Canada reports annual pace of inflation rises in May to 2.4%

Transportation prices gained 3.1 per cent as the cost of air transportation added 8.9 per cent

MPs hear retired B.C. nurse’s petition to change compensation for fatal medical errors

Teri McGrath wants provinces to implement no-fault system for medical errors

Metro Vancouver’s air quality could be the worst yet this wildfire season

As wildfire season approached, Metro Vancouver experts predict the air will be an issue for many

Most Read