CHARTS: Lower Mainland house prices jump 7.7 per cent in May

Fastest real estate price gain in past six months has been in Surrey area (with interactive charts by city)

Demand for townhouses is up in the Fraser Valley.

Lower Mainland house prices climbed by an average of 7.7 per cent in May, according to the new monthly summary of transactions from area real estate boards.

The latest monthly increase means Fraser Valley detached house prices are up 38.3 per cent from one year ago to $834,200, and the benchmark detached house in the Greater Vancouver area is up 36.9 per cent to $1.51 million.

The biggest recent price gains have been in North Surrey and North Delta – both up just over 30 per cent in the last six months – followed by Richmond (up 29.8 per cent) and South Surrey/White Rock (up 28.3 per cent.)

SEE INTERACTIVE CHARTS OF GAINS BY CITY BELOW

Benchmark prices of townhouses were $365,000 across the Fraser Valley in April, up 20.4 per cent from a year ago, while apartments were up 17 per cent year-over-year to $225,200.

In the Greater Vancouver area, attached homes were up 24.9 per cent from one year ago to $632,400, while apartments were up 22 per cent to $485,200.

“Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today,” said Dan Morrison, president of the Real Estate Board of Greater Vancouver, which excludes Surrey, North Delta and White Rock.

“Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity.”

The Fraser Valley Real Estate Board is still seeing “tremendous” demand for detached houses despite signs that is levelling off, said president Charles Wiebe.

“We’re also seeing the ripple effects as consumers are looking to townhomes and apartments in record numbers. This year, so far, is the busiest those markets have ever been.”

Copy: HOME PRICE CHANGES APR2016Create bar charts

Just Posted

Langley Clothes by the Pound closes

Thrift store that tried to introduce a new approach to bargain hunting may have gone out of business

WIND WARNING: Metro Vancouver expecting 100 km/h gusts Saturday night

Environment Canada issues warns of possibly dangerous conditions

VIDEO: Remember the Voyageurs at Fort Langley

Two-day historical festival underway

Fraser Health asking taxpayers for millions more in health care capital funding

Health authority wants Fraser Valley taxpayers to triple annual contribution to $5.75 million

Guilty plea issued in case where man, 86, was assaulted and robbed

Hughie Stump pleads guilty to break-and-enter in relation to Abbotsford incident

Mom delivers plastic mats to Langley’s homeless

Jenifer Kosman fashions sleeping mats from plastic grocery bags

VIDEO: Vancouver Giants blanked by Portland Winterhawks

Saturday’s 2-0 setback marks first regulation loss for G-Men in 10 games

VIDEO: Thousands join women’s march events across B.C.

Today marks one year since the first Women’s March on Washington

Two Canadians, two Americans abducted in Nigeria are freed

Kidnapping for ransom is common in Nigeria, especially on the Kaduna to Abuja highway

Are you ready for some wrestling? WWE’s ‘Raw’ marks 25 years

WWE flagship show is set to mark its 25th anniversary on Monday

B.C. woman who forged husband’s will gets house arrest

Princeton Judge says Odelle Simmons did not benefit from her crime

Snow warning in effect for the Coquihalla

A snowfall warning is in effect from Hope to Merritt as slush and snow is expected on highways this weekend

Vancouver hoping free public Wi-Fi expansion will drive tourism dollars

Mayor Gregor Robertson says expansion bolsters its “leading Smart City” status

Liberals’ 2-year infrastructure plan set to take 5: documents

Government says 793 projects totalling $1.8 billion in federal funds have been granted extensions

Most Read