Real estate gains strongest for detached houses in 2014

Lower Mainland real estate prices recorded modest to strong gains in 2014, with detached houses generally rising faster than townhouses or condos.


Year-end statistics released by the Greater Vancouver and Fraser Valley real estate boards show benchmark detached houses on average gained 6.7 per cent over the past year.


Those increases ranged from more than 10 per cent in Vancouver, Tsawwassen and Burnaby to less than five per cent in West Vancouver, Maple Ridge, Pitt Meadows, Port Coquitlam, Langley, Abbotsford, Mission and parts of Surrey.


The increases pushed the benchmark price of houses above $1 million for the first time in Burnaby and for the Greater Vancouver area as a whole.


Benchmark house prices across the Fraser Valley area, which includes Surrey, White Rock and North Delta, ended the year at $573,100.


Benchmark prices show the shifts of a typical property and exclude the most expensive ones that can skew average prices much higher.


Price increases were more muted for townhouses and condos across the region.


Townhouses or attached homes averaged a 2.6 per cent gain across the Lower Mainland, with the strongest gains of more than seven per cent recorded in Maple Ridge, North Delta, Squamish and Vancouver's west side.


Benchmark townhouse prices were $293,500 in the Fraser Valley and $476,000 in Greater Vancouver.


Condo prices dropped in value in several areas in 2014, with the Fraser Valley benchmark down 0.8 per cent and the biggest drops of nearly 10 per cent in Maple Ridge and North Surrey. Greater Vancouver condos gained 3.5 per cent on average.


Benchmark condo prices ended the year at $191,100 for the Fraser Valley and $380,700 for Greater Vancouver.


The December 2014 statistics provided by realtor associations are different from the just-released home assessments, which are conducted by BC Assessment and are intended to provide a valuation snapshot as of each July 1.


by  Jeff Nagel - Surrey North Delta Leader


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Steady home sales in December cap solid year for Fraser Valley real estate

SURREY, BC – Fraser’s Valley’s real estate market returned to normal activity levels in 2014 with sales of single family detached homes leading the way.

Ray Werger, President of the Board, says, “It was a busy year for both buyers and sellers. In 2014, both sales and new listings were stronger in Fraser Valley compared to 2013 – most notably for detached homes and townhomes – with the result that we’ve returned to normal market activity for our region on par with our 10‐year average.” 

The Board’s Multiple Listing Service® (MLS®) processed 15,840 sales in 2014, compared to 13,663 the previous year, an increase of 16 per cent. It also received 4 per cent more new listings during the same time period – 30,642 in 2014 compared to 29,338 in 2013. Over the year, the number of active listings for buyers to choose from dropped by 23 per cent going from 7,541 properties in December 2013 to 6,380 in December 2014. 

According to Werger, sales during the month of December followed the same trend as every month in 2014 with sales surpassing the same month compared to 2013. “It was the third busiest December we’ve experienced in the last decade with sales almost keeping pace with the number of new listings.

“As a result, we’ve seen our inventory deplete, which is normal for this time of year however, our selection hasn’t been this low for almost eight years. We hope to see the usual influx of new listings during the first quarter of 2015 because we’re currently seeing a shortage of affordably priced single family detached homes in certain areas.” 

In December, sales increased by 21 per cent, going from 890 in 2013 to 1,075 last month. New listings increased by 13 per cent in December compared to 2013 going from 1,013 to 1,147.

 Home prices in December continued along the same trends as seen for most of 2014, with prices of single family detached homes continuing to rise; townhouse prices remaining steady, and apartment prices decreasing slightly. The MLS® Home Price Index (MLS® HPI) benchmark price of a detached home in December was $573,100 an increase of 4.3 per cent compared to December 2013, when it was $549,500. 

The MLS® HPI benchmark price of townhouses in December was $293,500 on par with $293,300 in December 2013. The benchmark price of apartments decreased year‐over‐year by 0.8 per cent, going from $192,600 in December 2013 to $191,100 in December 2014.

Information provided by Fraser Valley Real Estate Board