(Chad Hipolito/The Canadian Press)

Sales, prices of Cloverdale townhouses and apartments dropped in May

Apartment prices dropped 20 per cent between May 2018 and May 2019

Although Fraser Valley real estate saw an increase in sales in May when compared to April, the Cloverdale market saw a slight downturn.

According to statistics released by the Fraser Valley Real Estate Board, the “total market activity remained well below historical norms” within the Fraser Valley in May 2019. The board processed 1,517 property sales in May, which is 9.7 per cent more than April, but a drop of 13.7 per cent when compared to sales in May 2018.

“Buyers are recognizing that in the last three months, home prices have stopped declining and that in order to take advantage of the improvement in prices over the past year, now is a great time to consider making the purchase they held off on in the previous months,” said Darin Germyn, president of the board, in a press release.

“We’re seeing buyers who have been waiting on the sidelines, act, because of better price opportunities and more selection,” he said. “It’s been four years since buyers had this much choice in the Fraser Valley.”

In Cloverdale, detached homes were selling at the same rate in May when compared to last year. The average price of a home rose from $974,122 to $1,042,010 — which is just under the average price of a detached home in Surrey, at $1,103,007.

Cloverdale townhouses were not selling as quickly this May as they were last year, and sales saw a drop of 24.5 per cent. The price fell six per cent, from $596,631 to $561,705 on average.

Apartments sales also took a hit in Cloverdale. Sales went down 20.6 per cent, and the average price fell 20.2 per cent, from $455,985 to $363,870. Apartments in Cloverdale are now about $30,000 less expensive than the average Surrey apartment, which sits at $392,232.


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