The Fraser Valley Real Estate Board / MLS processed 16 per cent more sales compared to the same month last year and 2 per cent more than in September.
Demand remains steady in our region for single family detached homes and townhomes. Sales overall continue to outperform last year as we’ve seen for a number of months now and are the best they’ve been in five years - that being said – any uptick in sales or pricing remains highly specific to location and the type of property within that location.
For example, last month sales of single family homes increased by almost five per cent compared to last year; while condo sales decreased by the same amount - we are seeing that preference directly reflected in pricing trends.
The MLS benchmark price of a detached home in October was $573,500 an increase of 4 per cent compared to October 2013.
The MLS benchmark price of townhouses in October increased 1 per cent to $298,500 compared to October 2013.
The MLS benchmark price of apartments has decreased year-over-year by 3.5 per cent, now at $192,600 compared to October 2013.
In the last five years, the benchmark price of a detached home in the Fraser Valley has increased by 16.6 per cent. For townhouses, the price is flat having increased by 0.5 per cent and for apartments; the price has decreased by 6 per cent.
On the flip side, for those that say housing isn’t affordable in Metro Vancouver, you need to check out the opportunities for townhome and condo buyers in the Valley. The influx of new developments and a steady supply of resale units, we’ve never had a better selection than we do right now at prices the lowest they’ve been in years. Furthermore, lenders are offering historically low interest rates and consumer confidence is on the rise.