Detached houses record fastest price gains

Benchmark prices of townhouses, condos lag in Lower Mainland real estate market

Detached house prices climbed 5.2 per cent in the past year in the Fraser Valley, while townhouse and apartment prices are stagnant.

The Fraser Valley Real Estate Board reported its benchmark price for houses continued to gain in the early months of 2015 to reach $595,600 in April. That’s up 15 per cent from five years ago.

The strongest gains were in South Surrey/White Rock, where houses were up eight per cent since April of 2014.

Townhouses have been tepid, however, with the Fraser Valley benchmark price of $300,400 up just 0.6 per cent from a year earlier and down 1.9 per cent from five years ago.

Apartments have fared worse yet, with benchmark prices down 2.6 per cent from a year ago to $191,200. That’s a drop of 8.8 per cent from five years ago.

Abbotsford has actually seen strong one-year price gains for townhouses (up 7.3 per cent) and apartments (up 11 per cent) but apartment price drops of around eight per cent or more in Langley, Surrey and North Delta have pulled the regional average down.

Price gains continue to be stronger closer to Vancouver in communities tracked by the Real Estate Board of Greater Vancouver, which includes all cities north of the Fraser as well as Tsawwassen.

The REBGV benchmark price for detached houses was up 12.5 per cent from a year ago to $1.08 million and runs as high as $2.5 million on Vancouver’s west side.

Greater Vancouver townhouses gained 5.7 per cent on average from a year ago to $493,300 and apartments climbed 4.4 percent to $394,200.

“The supply of homes for sale today in the region is not meeting the demand we’re seeing from home buyers,” said REBGV president Darcy McLeod. “This is putting upward pressure on prices, particularly in the detached home market.”

 

Just Posted

Proudly Surrey modifies child-care policy

Slate wants to use school board property for child-care spaces

Surrey school board wants to expand French Immersion program

District had to close program at Cougar Creek Elementary due to low enrolment

VIDEO: Scarecrow festival kicks off in Port Kells

Fourth-annual event will be on until Halloween

Delta to craft whistle-blower policy

The policy is meant to increase public trust and create support for staff in questionable situations

VIDEO: North Delta Studio Stomp back for sixth year

The annual art event has local artists opening their studios to the public this weekend

Lions earn stunning 35-32 OT win over Ticats

Epic comeback lifts B.C. past Hamilton in CFL thriller

Czarnik nets 3 as Flames dump Canucks 5-2

Calgary picks up exhibition win over Vancouver

Ottawa to name new ambassador for women, peace and security, Freeland says

Chrystia Freeland also confirmed Canada would spend about $25 million to fund number of initiatives

‘A little bright spot:’ Ottawa residents rescue dog trapped beneath rubble

Freelance journalist says rescue of a dog trapped under rubble was happy ending amid chaos in Ottawa

B.C. deaf community wants different sign languages on federal accessibility act

Advocates also want Indigenous Sign Language to be recognized on the Indigenous Language Act

Remainder of Vancouver Whitecaps season filled with ‘must-win’ games: coach

With Vancouver currently sitting four points out of a post-season spot, each contest is crucial

VIDEO: B.C.-born firefighter remembered by MP in emotional speech

Family asks first responders to look after one another in wake of suicide, growing concerns of PTSD

Airline has ‘close call’ with drone while en route to B.C. airport

Jazz Aviation reported the drone sighting near Vancouver to the RCMP and Transport Canada

Most Read