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

Eco-friendly school nets cash award from Staples and Earth Day Canada

Langley’s Walnut Grove Secondary one of two B.C. schools recognized in Superpower your School contest

Fort Langley’s boarded up buildings ‘filthy, unsightly,’ says health inspector

Eric Woodward says buildings will remain boarded up, following letter from Fraser Health

The Circus is coming to Aldergrove

Great Benjamins Circus is coming to thrill fans of high-wire derring-do in Aldergrove in May

VIDEO: Family asks for help finding remains of Surrey man missing for 10 years

Police suspect foul play in Kellen McElwee’s disappearance a decade ago

SLIDESHOW: Titans take down Griffins

Photos of Langley Fundamental Titans senior girls soccer team 4-0 victory over North Delta’s Burnsview Griffins

Could facial scans and fingerprints make you unhackable?

New biometrics capabilities could be a game-changer for those trying to get on your accounts

Countdown is on to the 2018 B.C. Summer Games

Cowichan Valley hosts on July 19-22

Driving Change: A B.C. man’s charitable trip across Canada

A Kelowna man, his bus, and his mission for positive change across our country

Case of teacher secretly filming teens reaches top court

Acquittal of teacher, Ryan Jarvis, who secretly videoed teens ‘dangerous,’ top court told

Why a 14-year-old will lead the charge at annual marijuana protest on the Hill

Marijuana enthusiasts have long been circling April 20 on their calendars as annual day of cannabis

B.C. communities await marine spill compensation years after incidents

The government maintains a Ship Source Oil Pollution Fund to compensate Canadians

RCMP say too early to know what happened in Broncos crash

RCMP Assistant Commissioner Curtis Zablocki said collission very complex

Conservative MP wants feds to close loophole for illegal border crossers

Immigration advocates call on government to suspend Canada-U.S. Safe Third Country Agreement

Alberta university criticized for honouring David Suzuki

University of Alberta plans to bestow environmentalist with honourary degree

Most Read