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 $500,000 in the depths of recession and have since climbed to $565,000 now.

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

‘Tis the season for Counter Attack in Langley

Langley RCMP are seeing more impaired drivers this holiday season compared to last

Bears will be flying as Giants get set for Teddy Bear Toss

Stuffed animals will be collected at Langley Events Centre, distributed through Lower Mainland Christmas Bureau

Man accused of shooting at border agents loses final bid to appeal extradition order

Nathan Hall was arrested in Abbotsford following cross-border manhunt in 2013

Life advice from Cloverdale’s Elfreda Anderson, a 103-year-old world traveller

‘You name it, I’ve been there’ : Elfreda on life, love and always having a suitcase on hand

VIDEO: Average Canadian food bill to rise by $348 in 2018

Atlantic Canada and B.C. will see the most increases for consumers

Debt-to-household-income ratio rises in third quarter

Total household credit market debt grew to $2.11 trillion in the third quarter

B.C. Mountie told to resign after texting teenage sex assault victim

RCMP documents say Const. Brian Eden sent sexually inappropriate photos to 17-year-old girl

Family doctors should learn to treat addiction, not shun patients: scientist

B.C. Centre on Substance Use’s Dr. Evan Wood said efforts underway to change addiction medicine image

Update: Small fire near Maple Ridge tent city

Occurred outside camp Wednesday night

Four dog deaths investigated in Cranbrook

One vet suggests a parallel to these deaths and similar ones in 2016

Meningococcal disease outbreak declared in Okanagan

Five cases in last six months among 15- to 19-year-olds, including one in Vernon

Military life gives way to chance as author

Retired Chilliwack officer pens book about life in Afghanistan

Province rejects Ajax mine in Kamloops

KGHM Ajax had proposed a 1,700-hectare open-pit copper and gold mine, just southwest of Kamloops

Most Read