Fraser Valley home sales picking up pace

Sales of new homes in the Lower Mainland jumped in June, according to sales numbers released by the Fraser Valley Real Estate Board.

The board said sales in the area stretching from North Delta to Abbotsford were 26 per cent higher than in the same month in 2013.

The jump to 1,668 sales was two per cent higher than in May.

“Over the last three months, we’ve seen a surge in demand specifically for single family homes and townhomes in most of our communities,” said Ray Werger, Fraser Valley Real Estate Board president.

Families with children are the main category of buyer, said Werger.

The benchmark price – a price that the FVREB defines as the price of an average home – rose 1.3 per cent year over year.

A typical detached home cost $568,600 in the region, an increase of 1.3 per cent compared to the previous year.

While the price of houses increased, the benchmark price of townhouses was essentially flat, dropping 0.3 per cent to $297,800, while the price of a condo dipped below $200,000 to $197,000, a decline of 2.7 per cent over June 2013.

In Langley, increases in sales were not as sharp as in other parts of the region.

Langley saw 152 detached houses sell in June, up 8.6 per cent from a year earlier. A total of 88 townhouses sold, a 14.3 per cent increase, and 34 condos, down 22.7 per cent from June 2013.

While benchmark prices for all three types of housing saw modest increases or remained roughly flat, the average and median prices were quite different.

The average price for a detached house in Langley was $614,802 in June, up 2.1 per cent from the same month a year earlier. Townhouses saw a 9.7 per cent rise to $347,955. Condos declined to $203,441, a two per cent dip.

“We’re essentially seeing two markets right now, so it’s important to get advice dependent on what you’re listing or buying. Competitively priced, mid-range single family homes are being snapped up quickly, on average in a little over a month, whereas condos and higher-end, executive homes in our region are taking as long as three months on average to sell.”

Just Posted

National PTSD awareness ride rolling into Langley

The Rolling Barrage 2018 ride will arrive next Tuesday and overnight in Langley.

Bevy of remarkable birthdays celebrated in Aldergrove

Maudie MacPherson (age 101), Vera Banner (91) and Alice Utas (95)

Looking Back: August 16, 2018

Langley’s history, as told through the files of the Advance.

Throwback Thursday: August 16, 2018

Can you help us caption a photo from Langley’s past?

Langley’s Tbird preps to welcome Mounties for Musical Ride

The equestrian spectacle is coming to Langley Aug. 31 and Sept. 1.

Kim XO is Black Press Media’s fashionista

Starting Sept. 7, stylist Kim XO will host Fashion Fridays on the Life channel on Black Press Meida

Minister optimistic after 2 days of Columbia River Treaty negotiations

Canadian and U.S. officials met in Nelson Wednesday and Thursday to discuss future of the treaty

Man dies in B.C. police cell while awaiting court hearing

An independent investigation is underway after a man died while in Penticton police custody Aug. 16

RCMP appeal for tips, dashcam footage in German tourist shooting west of Calgary

The Durango crashed into the ditch after the shooting near the Goodstoney Rodeo Centre

2 nurses attacked at B.C. psych hospital, union calls for in-unit security

PHSA says that in-unit guards would do more harm than good

Former B.C. optician won’t be jailed for sexually assaulting minor

Kenneth Pilkington sentenced to 24 months’ probation for offence three decades ago

Mt. Hicks fire 15% contained, continues to burn north of Agassiz

The fire, suspected to be caused by a vehicle with a flat tire, not threatening any structures

Police responding to ‘unfolding’ incident in Maple Ridge suburb

Helicopter, dog team, guns drawn and 16 police vehicles at Maple Ridge property

Red Cross now accepting donations for those impacted by B.C. wildfires

The Canadian Red Cross is asking for help now and in the weeks and months ahead.

Most Read