Metro Vancouver house prices hit new highs

February 11, 2010

Below is a segment of the report published by Jeff Nagel – Surrey North Delta Leader, February 10, 2010.

Metro Vancouver house prices hit new highs

Metro Vancouver home prices are now back in record territory, moving above the previous peak set in May of 2008.

Benchmark detached houses sold for $788,500 in January – up 20 per cent from a year ago and now two per cent above the high point that preceded the market downturn that bottomed out last March.

The rebound hasn’t played out consistently across the region.

Richmond has led the recovery with a one-year price gain of 30 per cent for detached houses. Houses in West Vancouver and the City of Vancouver are up at least 20 per cent.

In contrast, other Metro Vancouver communities have lagged and some have not yet seen prices return to peak levels.

Likewise, the Fraser Valley Real Estate Board, which includes Surrey, North Delta and White Rock, reported its benchmark residential real estate prices remain about three per cent below the spring 2008 peak.

The benchmark prices of detached houses in the Fraser Valley hit $500,930 in January, up 10.8 per cent from one year ago.

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