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Fraser Valley sales, home prices keep on dropping

Real estate sales dropped to their lowest level in the Fraser Valley this year as home prices continued to drop last month.

According to figures released by the Fraser Valley Real Estate Board Wednesday, sales were down by 39 per cent compared to August 2017.

Detached home sales continued to make up more than 50 per cent of all houses sold.

READ MORE: B.C. real estate sales slow down for the summer, group says

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READ MORE: Average millennial could wait 150+ years to buy home in one B.C. city: report

Benchmark prices for a detached home declined to $1,008,700, a 0.9-per-cent decrease compared to July and a 2.9-per-cent increase compared to last year.

Benchmark prices for townhouses fell to $548,300. That’s down 1.7 per cent since last month, but up 11.5 per cent compared to last August.

Finally, benchmark apartment prices fell by 1.6 per cent to $443,200 compared to last month, but rose by 26.9 per cent since last year.

Across all homes, north Surrey saw the biggest hike in prices compared to last August, climbing 21.6 per cent to $808,400.

The smallest shift was in south Surrey and White Rock, where prices stayed at $997,800 – identical to August 2017.

Mission saw the biggest hike in benchmark apartment prices, with a 37.8-per-cent uptick to $337,200, despite remaining the cheapest condos outside of Abbotsford.


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