Real estate market ekes out small one-year gain

Prices now relatively stable, realtors say

Detail of Fraser Valley Real Estate Board graph plotting the average price of detached houses in the Fraser Valley over the past five years. Prices bottomed out at just under $500

Lower Mainland housing prices have posted thin gains over the past year.

Detached houses rose 5.6 per cent from one year ago to a benchmark price of $799,000, according to the Real Estate Board of Greater Vancouver.

Attached homes on average gained 4.1 per cent to $488,000 while condos were up 1.9 per cent to $389,000 in November compared to the same month in 2009.

The Greater Vancouver association covers Metro Vancouver except Surrey, North Delta, White Rock and Langley.

In those areas and points further east, benchmark detached homes are up an average 1.4 per cent from a year ago to $504,000, according to the Fraser Valley Real Estate Board.

Townhomes are up 1.9 per cent to $319,000 and condos gained 2.7 per cent from a year earlier to $242,000.

The biggest gain in one-year prices have been in detached houses on Vancouver’s west side, which are up nearly 18 per cent to $1.7 million.

Richmond houses were up 13.7 per cent to $920,000.

On the downside, the stats show Port Moody houses have slid more than 10 per cent from a year ago to $719,500.

The median price of Abbotsford townhouses fell about 16 per cent to $230,000.

Realtors report consistent home sales and relatively stable prices, with continued low mortgage rates helping shore up buyer demand.

“Home values have been relatively stable over the last five months compared to the summer period when we were seeing some downward pressure on prices,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver.

Just Posted

Police release video of suspects in Newton homicide

Randhawa was shot dead in a driveway in the 6700-block of 130th Street on Oct. 11

Message for Peninsula candidates: ‘People with disabilities are very much voters’

Self advocates of Semiahmoo host ‘mixer’ with White Rock hopefuls

‘They want it’: Surrey’s Panthers are hungry to win school’s first senior football provincial title

Top-ranked team from Cloverdale closes in on playoffs with a perfect record

Surrey charity that aids refugees plans ‘Night in the Serengeti’ fundraiser

Oct. 26 gala at Civic Hotel will be Umoja Compassion Society’s first-ever large fundraising event

Halloween in Surrey: 19 events on city’s calendar, including cemetery tour and scary movies

Dances, costume parties and ‘Boo-seum’ event also happening this month in Surrey

VIDEO: How to roll a joint

The cannabis connoisseur shares his secrets to rolling the perfect joint

Fraser Valley Throwdown returns this weekend

Abbotsford event back for third annual crossfit competition

B.C. Lions look to cement CFL playoff spot with victory over Eskimos

B.C. can cement a post-season berth in the wild West Division on Friday night with a home win over the Edmonton Eskimos

Canada ban on asbestos takes effect but mining residues are exempt

Environment Minister Catherine McKenna plans to announce the new regulations implementing the ban on Thursday in Ottawa

Harry and Meghan bring rain to drought-stricken Outback town

Prince Harry and his wife Meghan are on day two of their 16-day tour of Australia and the South Pacific.

Demand for legalized cannabis in early hours draws lineups, heavy web traffic

Government-run and privately operated sales portals went live at 12:01 a.m. local time across Canada, eliciting a wave of demand.

5 to start your day

Pot is legal across Canada but no pot shops in many Lower Mainland cities

Killer-rapist Paul Bernardo set to make parole pitch today

Paul Bernardo, whose very name became synonymous with sadistic sexual perversion, is expected to plead for release on Wednesday.

Hero campaign raises $1.1 million for Canada non-profits

Lowe’s Canada Heroes campaign was held throughout September

Most Read