Business

Real estate gains uneven, prices peaked in April

Movement of average prices in Greater Vancouver since 1977. Note that average price statistics tend to be higher than the
Movement of average prices in Greater Vancouver since 1977. Note that average price statistics tend to be higher than the 'benchmark price', which tracks standardized properties.
— image credit: Real Estate Board of Greater Vancouver

Lower Mainland real estate markets recorded modest gains in 2010, despite a slide in prices from their peak last April.

Detached houses were up four per cent for the year to a benchmark price of $797,900, according to the Real Estate Board of Greater Vancouver (REBGV).

Benchmark attached homes gained 2.7 per cent to $490,900 and condo prices rose 1.2 per cent to $387,100.

Residential prices have come down about 2.6 per cent since April, but have rebounded more than 20 per cent since the depths of the world financial crisis in early 2009.

"Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation," REBGV president Jake Moldowan said.

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

The gains were far from consistent, however.

Richmond posted the biggest gain of the year, with detached house prices up 18.3 per cent, West Vancouver climbed 10.5 per cent and Burnaby gained 8.2 per cent.

Maple Ridge, in contrast, dropped three per cent and South Delta fell 3.5 per cent.

The gains were weaker south of the Fraser and east into the Fraser Valley.

Detached houses rose 1.7 per cent for the year to an average of $498,000, according to the Fraser Valley Real Estate Board.

Townhouses and condos both gained 1.2 per cent to $318,000 and $240,000 respectively.

Looking back five years, prices in all areas of the Valley are up by close to 40 per cent.


December 2010, one year % change

Abbotsford detached house – $428,500 (+ 1.7 %)

Burnaby detached house – $809,800 (+ 8.2 %)

Coquitlam detached house – $662,700 (-0.7 %)

Delta - North detached house – $519,200 (+ 6.6 %)

Delta - South detached house – $641,000 (- 3.5 %)

Langley detached house – $501,800 (- 1.3 %)

Maple Ridge detached house – $429,500 (- 3.0 %)

Pitt Meadows detached house – $503,400 (- 0.4 %)

Mission detached house – $342,900 (- 1.5 %)

New Westminster detached house – $599,600 (+ 4.5 %)

North Vancouver detached house – $862,800 (- 2.2 %)

Port Coquitlam detached house – $566,600 (+ 4.6 %)

Port Moody detached house – $696,300 (- 3.2 %)

Richmond detached house – $967,200 (+ 18.3 %)

Surrey detached house – $539,500 (+ 2.3 %)

Vancouver - East detached house – $740,600 (+ 3.8 %)

Vancouver - West detached house – $1,650,000 (+ 8.8 %)

West Vancouver detached house – $1,458,000 (+ 10.5 %)

White Rock/South Surrey detached house – $738,500 (+ 1.2 %)

- Benchmark sale prices from Greater Vancouver and Fraser Valley real estate boards.

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