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