Detached houses record fastest price gains

Benchmark prices of townhouses, condos lag in Lower Mainland real estate market

While detached house benchmark prices in the Fraser Valley have climbed above their pre-recession highs

While detached house benchmark prices in the Fraser Valley have climbed above their pre-recession highs

Detached house prices climbed 5.2 per cent in the past year in the Fraser Valley, while townhouse and apartment prices are stagnant.

The Fraser Valley Real Estate Board reported its benchmark price for houses continued to gain in the early months of 2015 to reach $595,600 in April. That’s up 15 per cent from five years ago.

The strongest gains were in South Surrey/White Rock, where houses were up eight per cent since April of 2014.

Townhouses have been tepid, however, with the Fraser Valley benchmark price of $300,400 up just 0.6 per cent from a year earlier and down 1.9 per cent from five years ago.

Apartments have fared worse yet, with benchmark prices down 2.6 per cent from a year ago to $191,200. That’s a drop of 8.8 per cent from five years ago.

Abbotsford has actually seen strong one-year price gains for townhouses (up 7.3 per cent) and apartments (up 11 per cent) but apartment price drops of around eight per cent or more in Langley, Surrey and North Delta have pulled the regional average down.

Price gains continue to be stronger closer to Vancouver in communities tracked by the Real Estate Board of Greater Vancouver, which includes all cities north of the Fraser as well as Tsawwassen.

The REBGV benchmark price for detached houses was up 12.5 per cent from a year ago to $1.08 million and runs as high as $2.5 million on Vancouver’s west side.

Greater Vancouver townhouses gained 5.7 per cent on average from a year ago to $493,300 and apartments climbed 4.4 percent to $394,200.

“The supply of homes for sale today in the region is not meeting the demand we’re seeing from home buyers,” said REBGV president Darcy McLeod. “This is putting upward pressure on prices, particularly in the detached home market.”

 

Just Posted

William Henry Rawlison was last seen on Sunday, June 20, 2021. (Contributed photo)
Police looking for missing White Rock senior

William Rawlison, last seen on June 20, may be driving to Kamloops

Natalie Brown and Colten Wilke star in the feature film Thunderbird, co-produced by South Surrey-raised Michael Morrison and released this month in Canada, the U.S and the U.K. (Contributed photo)
South Surrey-raised producer helps bring ‘Thunderbird’ to the screen

Michael Morrison guides B.C.-shot thriller with First Nations connection

File photo
Surrey Board of Trade vows ‘a lot of noise’ will be made about tax increases

Huberman calls for comprehensive tax review at all levels of government

2019 Red Serge Gala guests try their luck at roulette. (Simon Lau photo)
High hopes for in-person Red Serge Gala on Semiahmoo Peninsula

28th fundraiser for community safety programs set for Oct. 23 return

TEASER PHOTO ONLY - Hillcrest Drive-In's sign at the end its run in Surrey, in a photo uploaded to cinematreasures.org by hermangotlieb.
SURREY NOW & THEN: The city’s last drive-in, Hillcrest showed movies for 50 years on site turned shopping mall

‘It was a good memory, being the last drive-in in the Lower Mainland, at the time,’ says former operator Jay Daulat

The border crossing into the United States is seen during the COVID-19 pandemic in Lacolle, Que. on February 12, 2021. THE CANADIAN PRESS/Paul Chiasson
VIDEO: Border quarantine to soon lift for fully vaccinated Canadians

Eligible travellers must still take multiple COVID-19 tests

Chilliwack secondary school’s principal is apologizing after a quote equating graduation with the end of slavery in the U.S. was included in the 2020-2021 yearbook. (Screenshot from submitted SnapChat)
B.C. student’s yearbook quote equates grad to end of slavery; principal cites editing error

Black former student ‘disgusted’ as CSS principal apologizes for what is called an editing error

Skeena MLA Ellis Ross. (Photo by Peter Versteege)
BC Liberal leadership candidate condemns ‘senseless violence’ of Okanagan church fires

Skeena MLA Ellis Ross says reconciliation isn’t about revenge for past tragedies

A coroner’s inquest will be taking place at the Capitol Theatre in Port Alberni for the next week. (ELENA RARDON / ALBERNI VALLEY NEWS)
Teen B.C. mom who died following police custody recalled as ‘friend to many’

Police sent Jocelyn George to hospital after intoxication had gone ‘beyond the realm’ of normal detox

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

FILE - In this Nov. 29, 2020, file photo, Las Vegas Raiders defensive end Carl Nassib leaves the field after an NFL football game against the Atlanta Falcons in Atlanta. Nassib on Monday, June 21, 2021, became the first active NFL player to come out as gay. Nassib announced the news on Instagram, saying he was not doing it for the attention but because “I just think that representation and visibility are so important.” (AP Photo/John Bazemore, File)
Nassib becomes first active NFL player to come out as gay

More than a dozen NFL players have come out as gay after their careers were over

Penticton Indian Band Chief Greg Gabriel speaks to the Sacred Hearts Catholic Church burning down early Monday morning, June 21, 2021. (Monique Tamminga Western News)
Penticton band chief condemns suspicious burning of 2 Catholic churches

Both Catholic church fires are deemed suspicious, says RCMP

COVID-19 daily cases reported to B.C. public health, seven-day moving average to June 17, 2021. (B.C. Centre for Disease Control)
B.C.’s COVID-19 infections drop to 90 on Sunday, 45 Monday

Pandemic spread dwindles as 77% of adults receive vaccine

By protesting uninvited in First Nations’ territories, conservationists are acting in a neocolonial or paternalistic manner, says Huu-ay-aht Chief Robert Dennis. Photo by Heather Thomson
A closer look: do Vancouver Island First Nations support the war in the woods?

First Nations/environmentalist old growth alliance uneasy, if it exists at all

Most Read