House prices up 13 per cent in Fraser Valley

One-year real estate gains more modest than in hottest markets of Metro Vancouver

House prices in the Fraser Valley have climbed sharply this year, though the market is not as red-hot as in Vancouver.

The benchmark price of a detached house in the Fraser Valley hit $649,200 in October. That’s a 13.2 per cent increase from a year ago and up nine per cent from $595,600 in April.

The strongest price gain was in North Delta, where typical detached houses were up nearly 18 per cent since October 2014 to $658,600.

That was a little lower than the average one-year gain of just over 20 per cent as of October in the Greater Vancouver Real Estate Board’s area, which includes Maple Ridge/Pitt Meadows but excludes the South of Fraser cities.

Greater Vancouver benchmark house prices are now at nearly $1.2 million, although that more than doubles to $2.77 million on the west side of Vancouver.

The newest cities to breach the $1-million mark for benchmark houses are White Rock/South Surrey and Port Moody – both areas are close to $1.08 million.

They join north and south Burnaby, North Vancouver, Richmond, all of Vancouver, West Vancouver and Whistler with houses typically priced in seven figures.

Houses and townhouses dominate the market in the Fraser Valley, making up 83 per cent of sales in October, according to the Fraser Valley Real Estate Board, which includes Surrey and White Rock.

“The reasons are due to low interest rates, pent-up demand and most importantly, price,” said FVREB president Jorda Maisey. “People can afford to own their own single family home in the Fraser Valley.”

She said the house and townhouse price increases flow from strong demand and a lack of sellers.

Realtors are increasingly urging would-be townhouse buyers to look instead at more affordable condos, which she said often go for about $100,000 less.

The benchmark price of townhouses in the Valley is $313,700 and it’s $203,100 for condos. Both are up just over five per cent from a year ago.

Benchmark prices are a gauge of a typical property and are considered more reflective of the market than average sale prices, which can be skewed up by high-end transactions.

The only areas where prices have dropped marginally from a year ago are condos in Maple Ridge and Pitt Meadows.

Benchmark prices, one-year change

ABBOTSFORDHouse – $488,800 (+10.3 %)Townhouse – $227,900 (+2.8 %)Condo – $150,000 (+1 %)

MISSIONHouse – $402,200 (+9.1 %)Townhouse – $229,800 (+3.9 %)Condo – $172,000 (+12.1 %)

NORTH DELTAHouse – $658,600 (+17.8 %)Townhouse – $340,300 (+4.6 %)Condo – $167,800 (+6.7 %)

LANGLEYHouse – $649,400 (+11.7 %)Townhouse – $317,300  (+8.4 %)Condo – $205,300 (+5.4 %)

WHITE ROCK/SOUTH SURREYHouse – $1,070,700  (+16.6 %)Townhouse – $441,100 (+0.8 %)Condo – $269,900 (+8.9 %)

SURREYHouse – $735,900 (+13.6 %)Townhouse – $333,500  (+4 %)Condo – $215,300 (+5.6 %)

MAPLE RIDGEHouse – $530,000 (+11.3 %)Townhouse – $303,800  (+11.6 %)Condo – $164,600  (-0.4 %)

NEW WESTMINSTERHouse – $836,800 (+19.2 %)Townhouse – $440,300  (+5.1 %)Condo – $306,600  (+8.9 %)

COQUITLAMHouse – $923,000  (+20.4 %)Townhouse – $445,300  (+10.5 %)Condo – $291,700  (+10.3 %)

RICHMONDHouse – $1,241,000 (+22.9 %)Townhouse – $573,800 (+11 %)Condo – $381,300  (+12.3 %)

VANCOUVER WEST SIDEHouse – $2,773,000 (+20.1 %)Townhouse – $830,700  (+8.2 %)Condo – $570,600  (+14 %)

WEST VANCOUVERHouse – $2,451,900  (+21.3 %)Condo – $724,100  (+18.1 %)

Source: Greater Vancouver, Fraser Valley real estate boards

Just Posted

Setting the stage for emerging performers

Variety fundraiser and ongoing open-mics showcase local talent

Surrey resident says proposed apartment building is a ‘monstrosity’ in Whalley neighbourhood

Philip Galbraith says he voted for Safe Surrey Coalition to ‘slow down development’

Man ‘seriously’ injured in crash after driving wrong way on Highway 17: Surrey RCMP

Police say the sedan hit a transport truck, then another car

Easter ‘eggstravaganza’ event planned for South Surrey

Event is to run from 12-3 p.m. at Dufferin Park (17355 2 Ave.).

IHIT hunting in Edmonton for clues to 2017 Surrey homicide

Tanner Krupa, 19 was found dead in an alley in August 2017, in the 6900-block of 127A Street

VIDEO: Alberta man creates world’s biggest caricature

Dean Foster is trying to break the world record for a radio show contest

Parents of 13 who tortured children get life after hearing victims

One of their daughters fled their home and pleaded for help to a 911 operator

Crews battle Burnaby blaze; 2 people sent to hospital

Emergency Support Services helping residents displaced by fire

Flooding, climate change force Quebecers to rethink relationship with water

Compensation for victims of recurring floods limit to 50% of a home’s value, or a maximum of $100,000

Storms blast South, where tornadoes threaten several states

9.7 million people in the Carolinas and Virginia at a moderate risk of severe weather

Private cargo ship brings Easter feast to the space station

There are three Americans two Russians and one Canadian living on the space station

Notre Dame rector: “Computer glitch” possible fire culprit

The fire burned through the lattice of oak beams supporting the monument’s vaulted stone ceiling

Langley MP describes most recent diagnosis as a ‘miracle’

Tory Member of Parliament Mark Warawa doesn’t have pancreatic cancer, but operable colon cancer

Should B.C. lower speed limits on side roads to 30 km/h?

Vancouver city councillor wants to decrease speed limits along neighbourhood side roads

Most Read