Pace of house price gains in Fraser Valley now nearly rivals Vancouver

26 per cent year-over-year benchmark real estate price jump has accelerated in recent months

House prices in the Fraser Valley have climbed at a much faster pace in recent months – almost as quickly as in the red-hot Vancouver-area real estate market.

The benchmark price of a detached house in the Valley hit $741,000 in March – up 26 per cent from $588,500 a year ago.

That’s a significant acceleration from last October, when the benchmark price was almost $100,000 lower at $649,200 and the gain for the previous 12 months was a mere 13 per cent.

The stats from the Fraser Valley Real Estate Board include Surrey, North Delta and White Rock.

The rest of Metro Vancouver recorded a benchmark price of $1,342,000 for detached houses – a year-over-year gain of 27.4 per cent.

Benchmark house prices rose more than 33 per cent in North Delta, and by between 25 and 30 per cent in Langley, South Surrey/White Rock, Cloverdale and north Surrey.

The fastest year-over-year price gains for detached houses in Greater Vancouver were in Tsawwassen (up nearly 40 per cent) as well as Richmond, Port Coquitlam, New Westminster, Ladner and east Burnaby (all over 30 per cent.)

Price gains for townhouses and apartments continue to be more gradual than for houses, up by around 15 per cent in the Fraser Valley and closer to 20 per cent in Greater Vancouver.

The Fraser Valley Real Estate Board also reported a 62-per-cent surge in sales in March from a year earlier, and a 31-per-cent jump in new listings.

“This market is uncharted territory for Fraser Valley real estate,” FVREB president Charles Wiebe said. “March came and went at a break-neck record-setting pace. I’ve never seen anything like it.”

The provincial government responded earlier this year to repeated calls to intervene in the real estate market with a higher property transfer tax on the priciest homes, and vows to curb undisclosed “shadow-flipping” by some realtors.

Just Posted

Dr. Lipjob avoids jail, gets 30-day suspended sentence

She will have to serve the 30 days in prison if she commits a breach during her two-year’s probation

Surrey farmers taking stock of revamped Canada Food Guide

Products that were once big at the table — like meat and dairy — have been put on the back-burner

VIDEO: ‘The dog picks the job’: Meet the newest member of the Surrey RCMP

Cambria, a labrador-golden retriever mix, is the first victim services dog at the detachment

Cloverdale’s Dan Gibbons remembered for his devotion, humour

Longtime local served with RCMP for more than 35 years

Surrey RCMP say men with gun steal Jeep from mom, daughter

Police say they are looking for video footage, and two South Asian suspects

Canada’s archive buys rare book that hints at Nazi plans for North America

The 1944 book may have served as a blueprint for a Nazi purge

B.C. hospital apologizes for veteran’s five-day hallway stay

Clinical director of Victoria General Hospital says case of retired veteran ‘definitely excessive’

Speaker Darryl Plecas says ‘justice’ needed for legislature employees

Plecas spoke to media at the opening of a pedestrian and cycling bridge in Abbotsford Wednesday

Advocate hopes B.C. legislature scandal leads to more transparency

‘Depressing’ that it takes a scandal to inspire freedom of information reform, says Sara Neuert

Ex-Mountie involved in Taser death at Vancouver airport sues government

Kwesi Millington claims he acted in accordance with RCMP training

47 men arrested by Vancouver police for allegedly seeking sex with teenage girls

Seven of those arrested have been charged as part of a two-month operation

Richmond businesses struggle to hire and keep staff because of high cost of housing

Chamber of commerce calls for diverse housing options, redevelopment of George Massey corridor

LETTER: Seniors home care, day programs expanding, Adrian Dix says

B.C. health minister responds to latest Seniors Advocate report

B.C. woman wins Instagram celebrity’s boob job contest

‘Kirill was here’ held a contest for women to win a boob job and a trip to Miami

Most Read