Last week, the Board revealed that the benchmark price for a single-family property in the Valley increased by 20.4 per cent year-over-year and 0.4 per cent compared to January, hitting $859,300.
“This is the kind of February we like to see. Last year at this time, the incredible demand created a market that was difficult for consumers,” according to FVREB president Gopal Sahota, as quoted by CBC News.
“Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it,” Sahota stated, adding that the numbers are so far showing a “return to normal historical sales numbers.”
Apartment prices also rose sharply by 26 per cent compared to February 2016 and 1.8 per cent month-over-month, up to $267,000.
Meanwhile, average townhome costs grew by 25 per cent year-over-year and 0.5 per cent since January, reaching $422,400.
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Vancouver isn’t the only housing market that has experienced heightened costs last month, as latest numbers from the Fraser Valley Real Estate Board (FVREB) revealed that the southwestern region has also seen its fair share of notable home price growth in February.