House prices up 13 per cent in Fraser Valley

One-year real estate gains more modest than in hottest markets of Metro Vancouver

The price of benchmark houses has climbed faster this year than for townhouses or condos.

House prices in the Fraser Valley have climbed sharply this year, though the market is not as red-hot as in Vancouver.

The benchmark price of a detached house in the Fraser Valley hit $649,200 in October. That’s a 13.2 per cent increase from a year ago and up nine per cent from $595,600 in April.

The strongest price gain was in North Delta, where typical detached houses were up nearly 18 per cent since October 2014 to $658,600.

That was a little lower than the average one-year gain of just over 20 per cent as of October in the Greater Vancouver Real Estate Board’s area, which includes Maple Ridge/Pitt Meadows but excludes the South of Fraser cities.

Greater Vancouver benchmark house prices are now at nearly $1.2 million, although that more than doubles to $2.77 million on the west side of Vancouver.

The newest cities to breach the $1-million mark for benchmark houses are White Rock/South Surrey and Port Moody – both areas are close to $1.08 million.

They join north and south Burnaby, North Vancouver, Richmond, all of Vancouver, West Vancouver and Whistler with houses typically priced in seven figures.

Houses and townhouses dominate the market in the Fraser Valley, making up 83 per cent of sales in October, according to the Fraser Valley Real Estate Board, which includes Surrey and White Rock.

“The reasons are due to low interest rates, pent-up demand and most importantly, price,” said FVREB president Jorda Maisey. “People can afford to own their own single family home in the Fraser Valley.”

She said the house and townhouse price increases flow from strong demand and a lack of sellers.

Realtors are increasingly urging would-be townhouse buyers to look instead at more affordable condos, which she said often go for about $100,000 less.

The benchmark price of townhouses in the Valley is $313,700 and it’s $203,100 for condos. Both are up just over five per cent from a year ago.

Benchmark prices are a gauge of a typical property and are considered more reflective of the market than average sale prices, which can be skewed up by high-end transactions.

The only areas where prices have dropped marginally from a year ago are condos in Maple Ridge and Pitt Meadows.

Benchmark prices, one-year change

ABBOTSFORDHouse – $488,800 (+10.3 %)Townhouse – $227,900 (+2.8 %)Condo – $150,000 (+1 %)

MISSIONHouse – $402,200 (+9.1 %)Townhouse – $229,800 (+3.9 %)Condo – $172,000 (+12.1 %)

NORTH DELTAHouse – $658,600 (+17.8 %)Townhouse – $340,300 (+4.6 %)Condo – $167,800 (+6.7 %)

LANGLEYHouse – $649,400 (+11.7 %)Townhouse – $317,300  (+8.4 %)Condo – $205,300 (+5.4 %)

WHITE ROCK/SOUTH SURREYHouse – $1,070,700  (+16.6 %)Townhouse – $441,100 (+0.8 %)Condo – $269,900 (+8.9 %)

SURREYHouse – $735,900 (+13.6 %)Townhouse – $333,500  (+4 %)Condo – $215,300 (+5.6 %)

MAPLE RIDGEHouse – $530,000 (+11.3 %)Townhouse – $303,800  (+11.6 %)Condo – $164,600  (-0.4 %)

NEW WESTMINSTERHouse – $836,800 (+19.2 %)Townhouse – $440,300  (+5.1 %)Condo – $306,600  (+8.9 %)

COQUITLAMHouse – $923,000  (+20.4 %)Townhouse – $445,300  (+10.5 %)Condo – $291,700  (+10.3 %)

RICHMONDHouse – $1,241,000 (+22.9 %)Townhouse – $573,800 (+11 %)Condo – $381,300  (+12.3 %)

VANCOUVER WEST SIDEHouse – $2,773,000 (+20.1 %)Townhouse – $830,700  (+8.2 %)Condo – $570,600  (+14 %)

WEST VANCOUVERHouse – $2,451,900  (+21.3 %)Condo – $724,100  (+18.1 %)

Source: Greater Vancouver, Fraser Valley real estate boards

Just Posted

Abbotsford Community Services announces name change

50-year-old non-profit agency now called Archway Community Services

Vancouver Canucks playing pre-season game in Abbotsford

Canucks hosting Ottawa Senators on Monday, Sept. 23

Abbotsford water polo talent earns national gold

16U athletes Sarah Portas and Annika Reinfjell help lead Fraser Valley to first

Harrison Hot Springs to consider single-use plastics ban

Village staff will come back to council with a report on what a possible ban could look like

Dash-cam video in trial of accused cop killer shows man with a gun

Footage is shown at trial of Oscar Arfmann, charged with killing Const. John Davidson of Abbotsford

VIDEO: Trans Mountain expansion project gets green light, again

Prime Minister Justin Trudeau announced the decision in Ottawa on Tuesday afternoon

MPs hear retired B.C. nurse’s petition to change compensation for fatal medical errors

Teri McGrath wants provinces to implement no-fault system for medical errors

Horgan says he’ll still defend B.C. coast after second Trans Mountain approval

Meanwhile, one B.C. First Nation has announced plans for a legal challenge

Metro Vancouver’s air quality could be the worst yet this wildfire season

As wildfire season approached, Metro Vancouver experts predict the air will be an issue for many

Demonstrators on either side of Trans Mountain debate clash in Vancouver

Crowd heard from member of Indigenous-led coalition that hopes to buy 51% of expansion project

Update: Multiple fires along the railway tracks in Pitt Meadows

CP rail has closed tracks while firefighters work

Grieving B.C. mom hopes Facebook message leads to new investigation into son’s Surrey homicide

Criminal Justice Branch didn’t lay charges, concluding no substantial likelihood of murder or manslaughter conviction

B.C.’s measles vaccination program gains traction in May

More than 15,000 doses of the MMR vaccine has been administered across the province

B.C. farmers concerned Agricultural Land Reserve changes choking their livelihood

Dozens voice concerns at special meeting hosted on Vancouver Island

Most Read