Relative change in Greater Vancouver real estate prices for benchmark homes over the past five years. Blue line shows detached houses

Relative change in Greater Vancouver real estate prices for benchmark homes over the past five years. Blue line shows detached houses

Real estate saw varied gains in 2011

Houses outperformed townhomes, condos in Metro Vancouver and the Fraser Valley.

Housing prices slumped in the second half of 2011, but real estate markets in the Lower Mainland ended up for the year overall.

The gain was bigger in the western half of the region, with the Real Estate Board of Greater Vancouver reporting detached houses typically rose 11.2 per cent for the year to $887,000.

The hottest gain was a 34 per cent jump in Port Moody, where the Evergreen Line is now assured to pass through after funding for the SkyTrain extension was secured in recent months.

Houses on the west side of Vancouver also gained 20 per cent, while the east side, West Vancouver, North Vancouver, Burnaby and South Delta all saw benchmark houses gain 13 to 16 per cent.

Attached homes and condos gained more modestly, up roughly four per cent on average.

The Fraser Valley Real Estate Board (FVREB), which covers Surrey, White Rock and North Delta, reported benchmark houses gained 3.3 per cent in 2011 to $523,000.

Townhouses and condos dipped, however, declining 2.1 per cent (to $315,000) and 1.2 per cent (to $237,000) respectively.

“One trend from 2011 that is clear was the preference for single family homes,” FVREB president Sukh Sidhu said. “For the most part in our region, both sales and prices of townhomes and condos either stayed on par with 2010 or decreased.”

The hottest area was White Rock and South Surrey, where sales were strong and prices of benchmark detached houses climbed 10.8 per cent to $818,000.

The most expensive cities in which to buy across the Lower Mainland remained the west side of Vancouver with benchmark detached houses nearing the $2 million level, West Vancouver houses at nearly $1.7 million and Richmond, at $1.07 million.

Benchmark houses can still be found for under $600,000 in areas like Maple Ridge, Pitt Meadows, North Delta, Surrey, Port Coquitlam and Langley in Metro Vancouver. In the Fraser Valley, equivalent prices are $424,000 in Abbotsford and $344,000 in Mission.

The Greater Vancouver statistics show the average residential property bought five years ago has gained almost 30 per cent since then.

Detached houses performed slightly better (up 38 per cent) than condos or townhouses (both up just over 20 per cent) over the five years.

Median prices of detached houses in the Fraser Valley are up 26 per cent over five years.

Just Posted

water
City begins community engagement for Mission Waterfront Revitalization Master Plan

Wants the community’s input to bring to life the vision outlined in the Official Community Plan

The Abbotsford International Airshow is back for 2021 with the ‘SkyDrive’ concept.
Abbotsford International Airshow returns for 2021 with ‘SkyDrive’

New format features a drive-in movie type experience, show set for Aug. 6 to 8

A young couple walks through the Othello Tunnels just outside of Hope. (Jessica Peters/Black Press)
Hope’s Othello Tunnels fully open to the public

Geological testing proved the area safe enough to open for the first time in more than a year

Migrating sockeye in the Fraser River August 7, 2007. (Fisheries and Oceans Canada)
First Nations, commercial, and recreational harvesters join forces to save Fraser River fish

‘We have to work together to rebuild these stocks while there is still time,’ says delegate

web
Father’s Day Parade planned for Mission

Classic vehicles from the 1920s to the 1970s will drive through Mission, Hatzic on June 20

Maxwell Johnson is seen in Bella Bella, B.C., in an undated photo. The Indigenous man from British Columbia has filed complaints with the B.C. Human Rights Tribunal and the Canadian Human Rights Commission after he and his granddaughter were handcuffed when they tried to open a bank account. THE CANADIAN PRESS/HO-Heiltsuk Nation, Damien Gillis, *MANDATORY CREDIT*
VIDEO: Chiefs join human rights case of Indigenous man handcuffed by police in B.C. bank

Maxwell Johnson said he wants change, not just words, from Vancouver police

Tk’emlups te Secwepemc Chief Rosanne Casimir stands outside the former Kamloops Indian Residential School after speaking to reporters, in Kamloops, B.C., on Friday, June 4, 2021.THE CANADIAN PRESS/Darryl Dyck
Kamloops chief says more unmarked graves will be found across Canada

Chief Rosanne Casimir told a virtual news conference the nation expects to release a report at the end of June

A woman wears a vaccinated sticker after receiving a COVID-19 vaccine at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
B.C. ranks among highest in world in COVID-19 first-dose shots: health officials

More than 76% of eligible people have received their 1st shot

A screenshot of the First Peoples Cultural Councils First Peoples’ Map. (First Peoples Cultural Council)
Online resource blends B.C.-Alberta’s Indigenous languages, art and culture

Advisor says initiative supports the urgent need to preserve Indigenous languages

An artists conception of the new terminal building at the Pitt Meadows Regional Airport.
Air travel taking off in B.C., but lack of traffic controllers a sky-high concern

There will be demand for more air traffic controllers: Miller

Canadian Armed Forces experts are on their way to North Vancouver after a local homeowner expressed worry about a military artifact he recently purchased. (Twitter DNV Fire and Rescue)
Military called in to deal with antique ‘shell’ at North Vancouver home

‘The person somehow purchased a bombshell innocently believing it was an out-of-commission military artifact’

Amy Kobelt and Tony Cruz have set their wedding date for February, hoping that more COVID-19 restrictions will have lifted. (The Macleans)
B.C. couples ‘gambling’ on whether COVID rules will let them dance at their wedding

Amy Kobelt and Tony Cruz pushed back their wedding in hopes of being able to celebrate it without the constraints of COVID-19

A plane is silhouetted as it takes off from Vancouver International Airport in Richmond, B.C., May 13, 2019. THE CANADIAN PRESS/Jonathan Hayward
Report calls for airlines to refund passengers for flights halted due to COVID-19

Conclusion: federal help should be on the condition airlines immediately refund Canadian travellers

Most Read