Real estate market ekes out small one-year gain

Prices now relatively stable, realtors say

Detail of Fraser Valley Real Estate Board graph plotting the average price of detached houses in the Fraser Valley over the past five years. Prices bottomed out at just under $500

Lower Mainland housing prices have posted thin gains over the past year.

Detached houses rose 5.6 per cent from one year ago to a benchmark price of $799,000, according to the Real Estate Board of Greater Vancouver.

Attached homes on average gained 4.1 per cent to $488,000 while condos were up 1.9 per cent to $389,000 in November compared to the same month in 2009.

The Greater Vancouver association covers Metro Vancouver except Surrey, North Delta, White Rock and Langley.

In those areas and points further east, benchmark detached homes are up an average 1.4 per cent from a year ago to $504,000, according to the Fraser Valley Real Estate Board.

Townhomes are up 1.9 per cent to $319,000 and condos gained 2.7 per cent from a year earlier to $242,000.

The biggest gain in one-year prices have been in detached houses on Vancouver’s west side, which are up nearly 18 per cent to $1.7 million.

Richmond houses were up 13.7 per cent to $920,000.

On the downside, the stats show Port Moody houses have slid more than 10 per cent from a year ago to $719,500.

The median price of Abbotsford townhouses fell about 16 per cent to $230,000.

Realtors report consistent home sales and relatively stable prices, with continued low mortgage rates helping shore up buyer demand.

“Home values have been relatively stable over the last five months compared to the summer period when we were seeing some downward pressure on prices,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver.

Just Posted

Dr. Lipjob avoids jail, gets 30-day suspended sentence

She will have to serve the 30 days in prison if she commits a breach during her two-year’s probation

Cloverdale’s Dan Gibbons remembered for his devotion, humour

Longtime local served with RCMP for more than 35 years

Surrey farmers taking stock of revamped Canada Food Guide

Products that were once big at the table — like meat and dairy — have been put on the back-burner

VIDEO: ‘The dog picks the job’: Meet the newest member of the Surrey RCMP

Cambria, a labrador-golden retriever mix, is the first victim services dog at the detachment

Surrey RCMP say men with gun steal Jeep from mom, daughter

Police say they are looking for video footage, and two South Asian suspects

Canada’s archive buys rare book that hints at Nazi plans for North America

The 1944 book may have served as a blueprint for a Nazi purge

B.C. hospital apologizes for veteran’s five-day hallway stay

Clinical director of Victoria General Hospital says case of retired veteran ‘definitely excessive’

Speaker Darryl Plecas says ‘justice’ needed for legislature employees

Plecas spoke to media at the opening of a pedestrian and cycling bridge in Abbotsford Wednesday

Advocate hopes B.C. legislature scandal leads to more transparency

‘Depressing’ that it takes a scandal to inspire freedom of information reform, says Sara Neuert

Ex-Mountie involved in Taser death at Vancouver airport sues government

Kwesi Millington claims he acted in accordance with RCMP training

47 men arrested by Vancouver police for allegedly seeking sex with teenage girls

Seven of those arrested have been charged as part of a two-month operation

Richmond businesses struggle to hire and keep staff because of high cost of housing

Chamber of commerce calls for diverse housing options, redevelopment of George Massey corridor

LETTER: Seniors home care, day programs expanding, Adrian Dix says

B.C. health minister responds to latest Seniors Advocate report

B.C. woman wins Instagram celebrity’s boob job contest

‘Kirill was here’ held a contest for women to win a boob job and a trip to Miami

Most Read