March madness in the real estate market?

 

Vancouver Housing Price Index
Vancouver Housing Price Index

 

The statistics for March in the Lower Mainland are now available. Overall the market has been very busy, but the devil is in the details.

In the Fraser Valley sales were at a 5 year high, but the flurry of activity varied by area. “For example, sales of single family detached homes in White Rock/South Surrey increased by over 150 per cent in March compared to last year, however in Abbotsford they were down by almost 7 per cent. The property type that saw the largest increase in sales in Abbotsford during the month of March was condominiums.” according to the Fraser Valley Real Estate Board.

In Vancouver the activity level was also high, and according to the Real Estate Board of Vancouver “Conditions favour sellers at the moment, but we’re seeing differences in home-price trends and overall activity depending on the region and property type.”

Below I have set out the benchmark prices from both the Vancouver and Fraser Valley Real Estate boards. The figures in brackets show the percentage increase over March of 2010. You will see that rises of 8% across Vancouver mask the range from the 24% rise in Richmond to the -4.7% in Squamish.

Vancouver Real Estate Board

  • Greater Vancouver $866,806 (8.3%)
  • Burnaby $882,731 (9.8%)
  • Coquitlam $697,414 (2.1%)
  • South Delta $705,785 (6.2%)
  • Maple Ridge $459,554 (0.4%)
  • New Westminster $603,801 (-0.7%)
  • North Vancouver $922,764 (-0.5%)
  • Pitt Meadows $539,858 (3.2%)
  • Port Coquitlam $547,947 (1.8%)
  • Port Moody $709,706 (20.5%)
  • Richmond $1,119,441 (24.5%)
  • Squamish $493,572 (-4.7%)
  • Sunshine Coast $441,497 (8.3%)
  • Vancouver East $806,231 (9.8%)
  • Vancouver West $1,914,639 (15.5%)
  • West Vancouver $1,526,596 (6%)

Fraser Valley Real Estate Board

The Fraser Valley also shows variation in price increases with Abbotsford leading the pack at 9.9% and Langley trailing at -4%.

  • Abbotsford $432,000 (9.9%)
  • Mission $342,482 (-2.6%)
  • White Rock / South Surrey $796,434 (3.6%)
  • Langley $517,506 (-4%)
  • Delta – North $523,227 (1.4%)
  • Surrey – Central $540,718 (1.8%)
  • Surrey – Cloverdale $553,320 (-1.2%)
  • Surrey – North $501,907 (7.5%)

Victoria Real Estate Board

Our partners in the Victoria region tell me that the market there has also been active, though not as active as the same period last year. Again be wary of the overall figures that are shown below since specific areas may well vary a great deal.

For more specific information on the areas of interest to you, get in touch. I can get details from our partners in most areas of British Columbia.

  • Greater Victoria $619,275
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