Changes in residential home prices

Changes in residential home prices

Minimal gains in Lower Mainland real estate for 2013

Home prices rise 2.5 per cent in Vancouver area, less in Fraser Valley

The Lower Mainland real estate market posted small price gains in 2013.

The Real Estate Board of Greater Vancouver said its composite benchmark price for detached houses climbed 2.5 per cent during the year to $927,000.

Apartments were up 1.8 per cent to $367,800 and attached units wer eup 1.2 per cent to $456,100.

The Fraser Valley Real Estate Board (FVREB), which includes Surrey, White Rock and North Delta, said its benchmark detached house price was up 1.9 per cent to $549,500 in December from a year ago.

Townhouses declined 1.0 per cent to $293,300 and apartments dropped 3.7 per cent to $192,600.

The strongest one-year gain in the region was recorded in West Vancouver, where detached houses gained eight per cent to $1.92 million.

The next strongest local markets for detached houses were Port Moody (up 5.4 per cent in 2013 to $859,800), Vancouver west side (up five per cent to $2.1 million), Vancouver east side (up 4.6 per cent to $867,200) and North Vancouver (up 4.5 per cent to $949,300.)

House prices actually dropped 0.9 per cent to $459,200 in Maple Ridge and 0.6 per cent to $701,700 in Tsawwassen.

“It was a year of stability for the Greater Vancouver housing market,” said REBGV president Sandra Wyant, adding sales were up 14 per cent.

Fraser Valley board president Ron Todson said tighter mortgage regulations crimped local demand, but the market rebounded some in the summer before flattening again in the fall.

Local real estate markets significantly underperformed broad stock markets. Canada’s TSX composite index was up 9.6 per cent in 2013, while the U.S. S&P 500 soared nearly 30 per cent.

 

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