Pace of house price gains in Fraser Valley now nearly rivals Vancouver

26 per cent year-over-year benchmark real estate price jump has accelerated in recent months

Detached house prices in the Fraser Valley are up 26 per cent from a year earlier

House prices in the Fraser Valley have climbed at a much faster pace in recent months – almost as quickly as in the red-hot Vancouver-area real estate market.

The benchmark price of a detached house in the Valley hit $741,000 in March – up 26 per cent from $588,500 a year ago.

That’s a significant acceleration from last October, when the benchmark price was almost $100,000 lower at $649,200 and the gain for the previous 12 months was a mere 13 per cent.

The stats from the Fraser Valley Real Estate Board include Surrey, North Delta and White Rock.

The rest of Metro Vancouver recorded a benchmark price of $1,342,000 for detached houses – a year-over-year gain of 27.4 per cent.

Benchmark house prices rose more than 33 per cent in North Delta, and by between 25 and 30 per cent in Langley, South Surrey/White Rock, Cloverdale and north Surrey.

The fastest year-over-year price gains for detached houses in Greater Vancouver were in Tsawwassen (up nearly 40 per cent) as well as Richmond, Port Coquitlam, New Westminster, Ladner and east Burnaby (all over 30 per cent.)

Price gains for townhouses and apartments continue to be more gradual than for houses, up by around 15 per cent in the Fraser Valley and closer to 20 per cent in Greater Vancouver.

The Fraser Valley Real Estate Board also reported a 62-per-cent surge in sales in March from a year earlier, and a 31-per-cent jump in new listings.

“This market is uncharted territory for Fraser Valley real estate,” FVREB president Charles Wiebe said. “March came and went at a break-neck record-setting pace. I’ve never seen anything like it.”

The provincial government responded earlier this year to repeated calls to intervene in the real estate market with a higher property transfer tax on the priciest homes, and vows to curb undisclosed “shadow-flipping” by some realtors.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Woman missing out of downtown Maple Ridge

Police seek public’s help locating Atefeh Jadidian

Woman in Fraser Health region confirmed as sixth COVID-19 case in B.C.

Woman remains in isolation as Fraser Health officials investigate

LETTER: New Maple Ridge pool is ‘fabulous’

One letter writer sings the praises of the recently renovated leisure centre in Maple Ridge

Show challenging established views of women coming to Pitt Meadows

Unapologetically HER 2020: Stripped takes place Mar. 7

Pitt Meadows Runway Cafe re-opens its doors

Operations had to be moved to make way for new terminal

Blair says RCMP have met Wet’suwet’en conditions, calls for end to blockades

The Wet’suwet’en’s hereditary chiefs oppose the Coastal GasLink project

Petition seeks to remove local police department from Lindsay Buziak murder case

American woman starts online petition in hopes of helping Buziak family

Health officials confirm sixth COVID-19 case in B.C.

Woman remains in isolation as Fraser Health officials investigate

Study says flu vaccine protected most people during unusual influenza season

Test-negative method was pioneered by the BC Centre for Disease Control in 2004

Saskatchewan and B.C. reach championship round at Scotties

British Columbia’s Corryn Brown locked up the last berth in Pool B

‘Chain reaction pile up’ closes southbound traffic on Coquihalla Highway

Black Press Media has reached out to RCMP, paramedics for details

Exploding enrolment prompts opening of second TWU campus in Richmond

Langley’s faith-based Trinity Western University opens a second campus in Richmond

Fraser Valley seniors’ home residents go without meds for a night due to staff shortage

Residents speak out about staff shortages that are leading to serious safety concerns

B.C. lawyer, professor look to piloting a mental-health court

In November, Nova Scotia’s mental-health court program marked 10 years of existence

Most Read