Houses lead Lower Mainland real estate gains

Apartment, townhouse prices weak in Fraser Valley, according to real estate statistics for February

Detached houses are gaining faster in price than condos or townhouses in most of the Lower Mainland.

Lower Mainland real estate prices were up modestly in the first two months of the year, with detached houses showing the strongest gains, according to statistics from realtor associations.

In Metro Vancouver, the benchmark price of detached houses hit $1.026 million in February, up 9.7 per cent from a year earlier. And that varies wildly by geography, with the typical house on Vancouver’s west side selling for $2.4 million, compared to $480,500 in Maple Ridge.

The strongest one-year price gains for houses within Metro have been around 12 per cent in Vancouver and north Burnaby.

The Real Estate Board of Greater Vancouver reported its benchmark price for attached homes rose 4.6 per cent to $481,500 and apartments were up three per cent year-over-year to $386,500.

The benchmark price of detached houses in the Fraser Valley, which includes Surrey, White Rock and North Delta, was $581,400 in February, up 4.2 per cent from a year ago.

Benchmark prices for townhouses were down 0.6 per cent year-over-year to $297,200 and apartments were down 1.8 per cent to $189,700, according to the Fraser Valley Real Estate Board.

Abbotsford has seen the strongest gains with townhouses up more than seven per cent and apartments up more than 10 per cent.

The weakest areas in the Fraser Valley have been Langley apartments, which are down 10 per cent from a year ago, and South Surrey/White Rock townhouses, down 7.8 per cent.

FVREB president Jorda Maisey said sales in the Fraser Valley were up 21 per cent in February and homes are selling faster – at an average of 41 days on the market now – because of the increased activity.