The Fraser Valley Real Estate Board released some interesting but not unexpected numbers in December with respect to housing prices. The price gains were impressive to say the least. The benchmark price for a detached home in the South Surrey / White Rock (SSWW) area was $1.43 Million which was an increase in 29.8 % year over year. For townhomes the benchmark price was $573,300 up 26.5% and condos were $343,4000 up 36.5%.
Side Note – ‘Benchmark Price’ is an MLS estimate of the value of a “typical” home in a community, based on the most popular combination of features, for example – age, size, number of bedrooms/bathrooms, etc.
Attached homes have not seen the same growth as detached homes. Over the last 10 years townhomes have increased in value by 45.5% and condos 42.2%.
Last month one of my newsletter readers asked in terms of growth over the past 5 years, how did South Surrey’s increase look compared to other cities in the Lower Mainland. The following are those figures.
North Vancouver: 67%
Tsawwassen: 67%
North Delta: 66%
SSWW: 63%
Vancouver: 63%
West Vancouver: 63%
Langley: 62%
Surrey: 60%
Ladner: 60%
Richmond: 57%
Cloverdale: 56%