House prices stabilize in the Fraser Valley, and fall by six per cent in Greater Vancouver

House prices stabilize in the Fraser Valley, and fall by six per cent in Greater Vancouver

House sales in January also dropped in Vancouver by nearly 40 per cent, and 27 per cent in the Fraser Valley compared to January 2016.

While Greater Vancouver housing sales fell in January, along with its benchmark price, Fraser Valley’s housing market remained stable, according to January numbers from area real estate boards.

Greater Vancouver house prices fell by an average of 6.6 per cent over the last six months, according to the newest report from the Real Estate Board of Greater Vancouver.

The current benchmark price for detached properties in the area is $1,474,800. This represents a 0.6 per cent decrease compared to December 2016.

Sales in January also dropped in the Greater Vancouver region, by nearly 40 per cent, compared to the same month in 2016.

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, REBGV president said.

“While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”

Meanwhile, in the Fraser Valley region, where home buyers have looked for prices more within their reach, more sellers entered the market, increasing listing numbers between December and January by 162 per cent.

“This is a great time to list in the Fraser Valley; buyers are looking at a wider range of homes and the market is still lacking inventory needed to match demand,” said Charles Wiebe, Board President.

The benchmark price of detached homes remained unchanged from that in December, sitting at $856,300.

Townhome prices saw a one per cent increase at the benchmark price of $420,400, and apartments saw the biggest benchmark increase of 1.3 per cent at the price of $262,300.

@ashwadhwaniashley.wadhwani@bpdigital.caLike us on Facebook and follow us on Twitter.

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