Home prices solid in Valley, sag in Metro

Fraser Valley properties have been maintaining their value, according to the latest stats.

Homes in the Fraser Valley maintained value while Metro prices have been dropping.

Real estate prices are dipping in Greater Vancouver, but Fraser Valley properties have been maintaining their value.

Sagging demand from home buyers is putting downward pressure on Lower Mainland real estate prices, but mainly in areas where prices had shot up faster than the rest of the region. September home sales in Metro Vancouver were down eight per cent from August and have plunged 32.5 per cent from a year ago, according to the Real Estate Board of Greater Vancouver.

A composite benchmark price that tracks all residential property movement in the area is down 2.3 per cent in the past three months, or down 0.8 per cent from a year ago.

That decline has been a more modest 1.8 per cent over three months and 0.1 per cent from a year ago over the entire Lower Mainland – which includes the Fraser Valley, where values have held up better.

“In some areas and neighbourhoods we’re seeing price declines, especially in the areas that ran up the most,” said Tsur Somerville, director of UBC’s Centre for Urban Economics and Real Estate at the Sauder School of Business.

The Fraser Valley Real Estate Board, which covers Abbotsford, said residential property as a whole declined 0.4 per cent in the past three months, but is up 2.1 per cent year-over-year.

Detached houses are up three per cent from a year ago at $549,000 while townhouses are down 1.7 per cent to $305,700 and apartments have gained 4.1 per cent to $198,800.

“The Fraser Valley is much more stable than other areas of the Lower Mainland,” Somerville said.

Prices in the three oceanfront cities that had soared in 2010 and 2011 have dropped five to seven per cent from their recent peaks, he noted.

“There is a noticeable difference between this West Vancouver-Vancouver west side-Richmond grouping and everywhere else,” he said.

Demand for higher end homes has fallen off the fastest in both Metro Vancouver and the Valley.

Greater Vancouver real estate board president Eugen Klein said Ottawa’s elimination of 30-year government-insured mortgages earlier this year has led to a “clear reduction in buyer demand” because the measure intended to rein in Canadian debt loads has made homes less affordable here.

Just Posted

Agrifair attendance up 25 per cent from 2017, say organizers

New attractions, including RCMP Musical Ride, being credited for hike

B.C. declares state of emergency as more than 560 wildfires rage

This is only the fourth state of emergency ever issued during a fire season

Police issue warning that 19-year-old poses ‘significant’ risk to the public

Varinderpal ‘VP’ Gill of Abbotsford involved in Lower Mainland gang conflict, police say

EDITORIAL: Gill must break silence and back up claim

If Coun. Moe Gill can’t substantiate his allegations, he should take a hard look at his campaign

Fraser Valley Bandits announce season ticket prices

Basketball team set to tip-off in summer of 2019

Average Canadian family spends 43% of income on taxes: study

Fraser Institute’s consumer report shows taxes accounting for larger chunk of income each year

B.C. company patents Sasquatch, the country’s first homegrown hops plant

Created by Hops Connect, Sasquatch hops are being grown commercially for the first time in B.C.

Farmers ponder impact of alternatives to pesticides being banned

The nicotine-based pesticides scientists have linked to a rising number of honey bee deaths will be phased out of use in Canada over a three year period starting in 2021.

Time to kick maverick Tory MP Maxime Bernier out of caucus, Scheer urged

Conservative MP Maxime Bernier is taking issue with Prime Minister Justin Trudeau’s oft-repeated message of diversity in Canada, calling it a form of “radical multiculturalism.”

Thousands of police officers expected at regimental funeral in Fredericton

Two civilians were killed in a shooting in Fredericton that also claimed the lives of two police officers.

2 girls, hand-drawn map in hand, sneak out of B.C. home for adventure

The pair’s escape has transit police reminding commuters to report unusual behaviour

Ex-B.C. teachers’ union leader among latest pipeline protesters to get jail time

Twelve people have been sentenced for violating court order to stay away from Kinder Morgan terminal

B.C. not prepared for a Humboldt Broncos bus crash, group says

An air ambulance advocacy group wants an overhaul of B.C.’s emergency medical system in rural regions

Liberals look at creating federal holiday to mark legacy of residential schools

AFN National Chief Perry Bellegarde said day to recognize painful legacy would boost understanding

Most Read