Growth in Lower Mainland home prices slows in April: report

Homes continue to sell quickly once listed

Prices for Lower Mainland homes continued to climb in April, albeit more slowly than they did last year, according to real estate numbers released Wednesday.

The Fraser Valley Real Estate Board said that apartments, which have seen a 46 per cent jump in cost since April of last year, have increased by just 1.6 per cent since last month.

That’s a slower rate of increase compared to last spring when apartment values averaged three-to-four per cent increases monthly.

Townhouses saw a 1.5 per cent increases in cost compared to last month and a 23 per cent increase compared to last April.

Detached homes continue to see the the slowest growth at 0.8 per cent since March and 13.5 per cent since last year.

Although the number of active listings was up across the Fraser Valley, the board said that sales stayed slow and were down 23.4 per cent compared to this time last year.

Speaking to Black Press Media last month, Michael Trites, managing broker with Royal LePage NorthStar in Surrey, said that the new mortgage rules were slowing down sales.

The new “stress test” means that all borrowers must now qualify for a mortgage based on either the five-year benchmark rate or their lender’s actual rate plus two per cent, whichever is higher. The change will apply to all mortgages, new or renewed, even if the down payment exceeds 20 per cent.

However, once homes are listed they continued to sell quickly.

Apartments and townhouses continued to sell within about two weeks and detached homes sold in under a month.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Freshet of 2018 evokes memories of the flood of 1948

And while the devastation of 70 years ago informs flood protection now, similar event not predicted

Rising river prompts road closure in Chilliwack

Fraser expected to continue rise on Monday

Fraser River water levels creeping towards near-record highs

Mission gauge currently reading just under 6 metres but forecasted to rise

VIDEO: Canadian Forces members begin helping out flooded B.C. communities

Three-hundred personnel in B.C. in some off hardest hit cities

VIDEO: After the floods, comes the cleanup as Grand Forks rebuilds

Business owners in downtown wonder how long it will take for things to go back to normal

UPDATE: Woman dies in ocean accident near Tofino hours before daughter’s wedding

“We are so thankful to everyone who helped our mom.”

Olympian sues USA Swimming, saying it failed to protect her

Ariana Kukors Smith alleges her former coach Sean Hutchison began grooming her for sexual abuse at the age of 13

Defence minister thanks troops for B.C. flood relief work

Harjit Sajjan says not only was military response quick, support from locals has been ‘tremendous’

Arrest made in last week’s double shooting in East Van

Carleton Stevens, 37, is charged with attempted murder and remains in custody

Couple survives being buried in mudslide on B.C. highway

The couple, from Saskatchewan, were en route to Nelson when a tree fell in their path

‘So grateful:’ Injured Bronco hockey player glad he’s alive, works on recovery

Ryan Straschnitzki was badly hurt in the accident: a spinal injury, broken ribs, a broken collar bone, and punctured lung

PHOTOS: Floodwaters rise and fall in Grand Forks

The flood-ravaged Kootenay-Boundary region begins to heal

Martin Mars waterbombers’ firefighting days are done

Wayne Coulson said his company still hopes to find a new home for the vintage aircraft

Most Read