Home prices skyrocket; up 10 per cent in three months

Benchmark price for a single-family home in Mission reaches $457,500, up 23.5 per cent from a year ago.

Home prices skyrocket; up 10 per cent in three months

House prices in Mission hit a new high in March, as the value of a single-family home topped $450,000 for the first time, according to new figures from the Fraser Valley Real Estate Board (FVREB).

The Mission benchmark price for a single-family house rose four per cent, or just over $17,000, in March alone, bringing the value of such a typical home to $457,500. Over the past year, the benchmark price has increased by 23.5 per cent, or $87,100.

“This market is uncharted territory for Fraser Valley real estate,” said Charles Wiebe, president of the FVREB, in a press release. “It’s typical for spring to see a jump in activity; however, March came and went at a break-neck, record-setting pace. I’ve never seen anything like it.”

The FVREB reported that while listings were up, the housing inventory remained below last year’s levels. Across the region, single-family homes were selling in an average of just 17 days, compared to 43 last year.

“While I’m certainly encouraged that so many are finding their way to owning a home in the Fraser Valley, I know that it can also be challenging for first-time homebuyers and those looking to transition.”

In Mission, townhouse and apartment prices have also risen dramatically over the past year, although they didn’t keep pace with single-family homes in March

The benchmark price of a townhouse dropped by 1.4 per cent, to $251,800 in March. Over the past year, townhouse values have risen by 10.6 per cent.

Apartment values rose slightly, by 0.8 per cent in March to $183,500. The benchmark apartment price has risen 16.6 per cent in the last 12 months.