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

White Rock pier-plank purchasers celebrated

Donors received a certificate Sunday marking their purchase of a pier plank

White Rock looking at 3.9% tax increase

Budget discussions are to take place this week

PHOTOS: White Rock Festival of Lights celebrated with a cheer

Hundreds of people gathered in the city Saturday for a Christmas event

Plans for new Surrey hospital to be updated Monday

News conference announced by Premier Horgan and health minister Adrian Dix

Surrey 37 per cent behind in housing supply projections

Of 18 cities in Metro Vancouver, only City of North Vancouver and Richmond met or exceeded projections

VIDEO: SNL skewers Trudeau’s mockery of Trump in high school cafeteria sketch

The three world leaders won’t let Trump sit at the cool kids’ table

B.C. universities post $340 million worth of surpluses thanks to international student tuition

Students call for spending as international enrolment produces huge surpluses at many universities

Conservatives urge Morneau to deliver ‘urgent’ fall economic update

Morneau says the first thing the Liberals plan to do is bring in their promised tax cut for the middle class

INFOGRAPHIC: How much money did your local university or college make last year?

B.C. university and colleges posted a combined $340 million surplus in 2018/19

B.C. creates $8.5M organization to improve safety for health care workers

Group will bring together unions, province, health care organizations

Four men in hospital after early morning Vancouver stabbing

A large group of men was seen fighting in Yaletwon

Kovrig clings to humour as ‘two Michaels’ near one year in Chinese prison

Their detention is widely viewed as retaliation for Canada’s arrest of Chinese high-tech scion Meng Wanzhou

B.C. VIEWS: An engine that hums right along

First Nations are leading a new surge of investment in B.C.

Most Read

l -->