Growth in Lower Mainland home prices slows in April: report

Homes continue to sell quickly once listed

Prices for Lower Mainland homes continued to climb in April, albeit more slowly than they did last year, according to real estate numbers released Wednesday.

The Fraser Valley Real Estate Board said that apartments, which have seen a 46 per cent jump in cost since April of last year, have increased by just 1.6 per cent since last month.

That’s a slower rate of increase compared to last spring when apartment values averaged three-to-four per cent increases monthly.

Townhouses saw a 1.5 per cent increases in cost compared to last month and a 23 per cent increase compared to last April.

Detached homes continue to see the the slowest growth at 0.8 per cent since March and 13.5 per cent since last year.

Although the number of active listings was up across the Fraser Valley, the board said that sales stayed slow and were down 23.4 per cent compared to this time last year.

Speaking to Black Press Media last month, Michael Trites, managing broker with Royal LePage NorthStar in Surrey, said that the new mortgage rules were slowing down sales.

The new “stress test” means that all borrowers must now qualify for a mortgage based on either the five-year benchmark rate or their lender’s actual rate plus two per cent, whichever is higher. The change will apply to all mortgages, new or renewed, even if the down payment exceeds 20 per cent.

However, once homes are listed they continued to sell quickly.

Apartments and townhouses continued to sell within about two weeks and detached homes sold in under a month.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Chilliwack Chiefs clinch first place with win over Prince George

The Chiefs were out-shot 36-13 but goalie Daniel Chenard was superb in a battle of the BCHL’s best.

New Chilliwack YMCA was ‘worth the wait’ say visitors

Family Day will mark officially opening for new building, after sneak peek tours on Saturday

Nanaimo Clippers goalie steals a win from Chilliwack Chiefs

Landon Pavlisin was outstanding in the Clipper net, leading Nanaimo to a 2-1 road victory.

More people in Chiliwack coming in to shelters to get out of the cold

Ruth and Naomi’s went over-capacity this week to accommodate shelter guests coming in from the cold

Prominent Chilliwack realtor says he doesn’t know how child porn got on his computer

Closing arguments heard in Ian Robert Meissner’s trial for accessing and possessing child pornography

‘Just like Iron Man’: Calgary surgeon undergoes experimental spinal surgery

Dr. Richi Gill was in a freak accident on a boogie board during a family vacation in Hawaii

A Mother’s Wish: Ryan Shtuka’s mother wants her son to be ‘forever known’

‍‍‍‍‍“Let me tell you a story …. it all began with a boy named Ryan”

Sex abuse survivors to meet with Vatican summit organizers

Pope Francis has urged participants to meet with abuse victims before they came to Rome

Ex-FBI official: ‘Crime may have been committed’ by Trump

Andrew McCabe said FBI had good reason to open a counterintelligence investigation into whether Trump was in league with Russia

B.C. athlete takes home gold in freestyle aerials at Canada Games

Brayden Kuroda won the event with a combined score of 121.65.

Pedestrian in serious condition after hit by car downtown Abbotsford

A youth was also hit, suffered minor injuries, police say

Most Read