Business

Real estate prices flat in Lower Mainland as stocks soar

Movement of the benchmark price of different residential property types as tracked by the Fraser Valley Real Estate Board, which covers the Fraser Valley Regional District, plus Surrey, White Rock and North Delta. - FVREB
Movement of the benchmark price of different residential property types as tracked by the Fraser Valley Real Estate Board, which covers the Fraser Valley Regional District, plus Surrey, White Rock and North Delta.
— image credit: FVREB

Lower Mainland real estate markets so far aren't keeping pace with this year's gains in the stock markets.

The Real Estate Board of Greater Vancouver said its composite benchmark price for all residential properties was $600,700 in October – a 0.5 per cent drop from a year ago. Attached duplexes and townhomes were virtually unchanged, while detached houses were down 0.5 per cent year-over-year and apartments were down 0.9 per cent.

The Fraser Valley Real Estate Board (FVREB), which includes Surrey, White Rock and North Delta, reported its benchmark detached house price was up 0.8 per cent to $546,900 from a year ago, while townhouses were down 0.5 per cent and apartments are down 2.2 per cent.

“What we’re witnessing is a return to a balanced residential market indicated by prices remaining unchanged or down slightly compared to a year ago," said FVREB president Ron Todson, who also cited stable inventory levels and the current two-month average wait for a home to sell.

The broad Canadian stock market index is up 10 per cent from one year ago, while the U.S. S&P 500 is closing in on a 30 per cent year-over-year gain.

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Fraser hospitals screening for ebola, will isolate any victims in Surrey
 
Transit contract avoids mid-referendum labour spat
 
Black Press launches 4Good crowdfunding initiative
Pitt Meadows launches City Watch crime reduction program
 
Bear poached in Pitt Meadows
 
City to counter Kinder Morgan letter to Westridge residents
BC Parkway improvements mean smoother riding, walking
 
Drilling work finished on costly Metro water tunnels
 
District puts deficit payback plan in place