The average price of a detached home in Mission is inching towards half a million dollars.
The Fraser Valley Real Estate Board (FVREB) reported that the benchmark price for a detached home in Mission increased to $440,000 in February from $421,600 just in January.
The rest of the Fraser Valley is also seeing increases, with housing prices almost doubling in the Valley since 2005.
“In my 25 years of real estate, I have never seen such consistent demand for housing in the Fraser Valley,” said new FVREB president Charles Wiebe.
Within a year, Mission’s single-family dwellings have increased in value by 23 per cent, or about $89,000. Housing sales in the district increased 77 per cent from January to February, and new listings are up by 14.5 per cent.
“Mission has a lot to offer,” said Wiebe. He said the transportation accessibility is a bolstering factor, speaking to the proximity of Highway 1 and Lougheed Highway and the option of the West Coast Express train. He said that people find the vistas attractive, too.
Housing prices are now at record highs. But Wiebe added that it’s still more favourable to buy in the communities farther east of Vancouver.