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

District of Kent to implement snow fence pilot project

$8,000 project to help prevent hazardous, drifting snow, and more from Kent council

PHOTOS: Harrison warms up to Christmas

The Lions Club hosts holiday event for community

11 years sought for Burnaby man who killed girlfriend with hammer, burned her body

Manslaughter sentencing hearing starts Monday in BC Supreme Court in Chilliwack for Ryan Armstrong

German-born British Columbian warns against a ‘yes’ vote on proportional representation

Agassiz realtor Freddy Marks says PR in his home country shows party elites can never be voted out

Highest earning staff at Fraser-Cascade School District made public

Also board looks into seat belts on school buses, Marv Cope gets road in his memory

Six students arrested, charged in sex assault probe at Toronto all-boys school

The school’s principal, Greg Reeves, described the video of the alleged sexual assault as ‘horrific’

Judge bars US from enforcing Trump asylum ban

Protesters accused the migrants of being messy, ungrateful and a danger to Tijuana; complained about how the caravan forced its way into Mexico, calling it an “invasion.”

Ottawa Redblacks defensive back Jonathan Rose suspended for Grey Cup

Rose was flagged for unnecessary roughness and ejected for contacting an official with 37 seconds left in the first half following a sideline melee after a Tiger-Cats reception.

Mistrial declared in Dennis Oland’s retrial in father’s murder

The verdict from Oland’s 2015 murder trial was set aside on appeal in 2016 and a new trial ordered. Richard Oland, 69, was found dead in his Saint John office on July 7, 2011.

VIDEO: Young hockey players meet legends in Langley

Eight- and nine-year-olds have close encounter with Dionne, Lafleur and Palmateer

Laine scores 3 as Jets double Canucks 6-3

Injury-riddled Vancouver side drops sixth in a row

Deportation averted for Putin critic who feared return to Russia

Elena Musikhina, a vocal critic of the Kremlin, has been granted a two-year visitor’s permit in Canada

B.C. to allow Uber-style ride hailing services to operate in late 2019

Fee will be applied to fund options for disabled people

Auditor general takes aim at Liberals’ fighter-jet plan

Suditor general Michael Ferguson is about to release a new report on Canada’s attempts to buy new fighter jets

Most Read