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.

Just Posted

Snowfall warning: 5-10 cm expected in Lower Mainland

The snowfall will start Tuesday and carry on into the evening, before tapering off Wednesday

Snowfall warning issued for Surrey, Langley

Environment Canada warns to ‘be on the lookout for adverse weather conditions and take necessary safety precautions’

VIDEO: Taking a motorcycle tour of a new type of Langley office building

Owner of “your workspace” project wants to have staff share space with outsiders

LETTER: Langley man says Wilson-Raybould deserves Canadians’ respect

A letter writer said the former federal justice minister is one of a rare class of politicians.

LETTER: Langley MP serves up government’s position on new impaired driving law

The new legislation is the biggest change to drunk driving laws in four decades, an MP argues.

Mermen calendar targets ‘toxic masculinity,’ raises big money for charities

Newfoundland and Labrador Beard and Moustache Club gave a cheque for more than $202,000 to Violence Prevention NL

Super snow moon set to rise across B.C.

It is the biggest and brightest moon of the year

‘Our entire municipality is heartbroken’: Seven children die in Halifax house fire

A man and woman remained in hospital Tuesday afternoon, the man with life-threatening injuries

5 to start your day

IHIT investing South Surrey homicide, B.C.’s budget set to focus on climate change, poverty and more

Minister says plans to fight poverty, climate change, focus of B.C. budget

The NDP said in its throne speech last week that affordability will be the hallmark of its initiatives

UPDATED: ‘Violent’ B.C. man back in custody after Alberta arrest

Prince George man with ties to Vernon was being sought by police

After a week away, SNC-Lavalin questions await MPs returning to Parliament

Two have resigned already: Jody Wilson-Raybould was veterans affairs minister and Gerald Butts was Trudeau’s principal secretary

Bad weather halts search for missing B.C. snowshoer until at least Wednesday

The rescuers were able to rescue the missing man’s friend

‘How did we get here?’: B.C. mom of transplant recipient worries about measles outbreaks

Addison, 7, cannot get a live vaccine because she has a heart transplant

Most Read