Apartment prices jumped 44% in Fraser Valley last month

Home sales and prices in the Fraser Valley were higher in January than both the previous month and a year earlier, the Fraser Valley Real Estate Board says.

Price increases were especially strong for the apartment sector where the benchmark was up 4% month-over-month and 44% year-over-year to $404,100.

Townhomes saw a 1.2% rise in benchmark price in January compared to December with a year-over-year gain of 23.4% to $519,400.

Meanwhile, single-family detached homes reached $982,700, an increase of 0.6% month-over-month and 15.1% year-over-year.

Sales across all property types totalled 1,210, a 24% rise year-over-year but 10% lower than December’s 1,344. It was the third highest January sales figure behind 2016 (1,338) and 1992 (1,270).

“This will be the third consecutive year of heightened market activity for our region, and we’re starting 2018 exactly where we left off – gradually rising prices, tight inventory, and the dominance of attached home sales,” said Gopal Sahota, Board President.

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