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

Detached house prices in the Fraser Valley are up 26 per cent from a year earlier

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

Over-budget bids cause delay of four Surrey school projects

Two projects have gone back out to tender, two awaiting ‘revised budget approval’ from Ministry of Education

Fees ensure patients have access to parking at SMH, FHA says

Fraser Health Authority hasn’t heard yet from city hall about pay parking at Surrey hospital

Free hospital parking a non-starter in White Rock

City considering task force to look at parking generally – Walker

Surrey memories: How the ‘IGUISBCSIR’ Facebook page became a hub for anecdotal history

Former Whalley resident Wes Mussato launched the group in 2011, 11 years after he’d moved to Ontario

VIDEO: B.C. legislature clerk, sergeant at arms suspended for criminal investigation

Clerk of the House Craig James, Sergeant-at-arms Gary Lenz on administrative leave

Former NHL player and coach Dan Maloney dies at 68

Maloney coached the Toronto Maple Leafs and Winnipeg Jets

Ex-MSU president charged with lying to police about Nassar

Lou Anna Simon was charged Tuesday with lying to police during an investigation

Police aim to prevent retaliation after Hells Angel found dead under B.C. bridge

IHIT confirms Chad Wilson, 43, was the victim of a ‘targeted’ homicide

Otter makes a snack out of koi fish in Vancouver Chinese garden

Staff say the otter has eaten at least five fish

Police looking into two more incidents at private Toronto all-boys’ school

Police and the school have said two of the prior incidents involved an alleged sexual assault

B.C. lumber mills struggle with shortage of logs, price slump

Signs of recovery after U.S. market swings, industry executive says

25% of Canadians still won’t say they use pot, survey says

Statistics Canada poll says Canadians on average were 18.9 years old when they first tried pot.

Canucks’ 50/50 jackpot expected to surpass $1 million

The guaranteed prize for one lucky winner will be $500,000 minimum when Vancouver hosts LA Nov 27

Most Read