Real estate price gains in the Fraser Valley not so hot

Valley gains ranging from 7.2 per cent for condos to 17.3 per cent for houses trail the 2015 increases closer to Vancouver

The red hot market for homes in Vancouver last year was noticeably cooler further east in the Fraser Valley.

The benchmark price of detached houses across the Valley climbed 17.3 per cent to $672,400 in 2015, according to the Fraser Valley Real Estate Board, which includes Surrey, North Delta and White Rock in its region.

Year-end statistics show townhomes in the Fraser Valley were up 9.6 per cent to $321,800 while condos gained 7.2 per cent to a benchmark $204,900.

On the north side of the Fraser River, the Real Estate Board of Greater Vancouver reported its benchmark detached house price was up 24.3 per cent to $1.248 million. Townhouses there were up 13.6 per cent to $543,700 and condos gained 14 per cent to $436,200.

But the largest single increase in the Greater Vancouver board’s area wasn’t in Vancouver, but for detached houses in Tsawwassen, which were up 32.2 per cent.

Even with that gain, a benchmark Tsawwassen house at just over $1 million is barely a third the cost of its $2.88-million equivalent on Vancouver’s west side.

The fastest price gains in the Fraser Valley were for detached houses in North Delta, which were up nearly 26 per cent to $703,100, followed by White Rock/South Surrey, where benchmark houses were up 18.4 per cent to $1.1 million.