British Columbia Real Estate Shows Small Gain for 2010

- Friday December 10th, 2010

Homes in British Columbia’s lower mainland are showing slight gains in real estate prices when comparing 2010 to 2009. The Real Estate Board of Greater Vancouver noted that there was a 5.6 percent increase in price of detached homes, coming in at $799,000. Homes that were attached gained 4.1 percent in price, showing an average of $488,000. Condos had the lowest gain, at 1.9 percent and coming in at $389,000. All of these prices used November 2010 compared to November of 2009 figures.

Vancouver’s west side had the biggest gains. Today a detached home in that area will run an average of $1.7 million, an 18 percent increase from 2009. The Richmond area, located near the airport, also did well with a 13.7 percent gain. The average for a detached home there was $920,000.

Collectively, the areas of Langley, White Rock, North Delta, Surrey, as well as areas farther east of Metro Vancouver also experienced gains. For detached homes, the gain was 1.4 percent for an average price of $504,000. Townhomes showed a 1.9 percent gain, translating to $319,000 per home and condos gained 2.7 percent, coming in at $242,000 per unit.

A few areas did see decreases in home values. In Port Moody, home prices decreased more than ten percent, with this years average prices listing at $719.500. In Abbotsford, town homes saw a 16 percent drop in prices, coming in at $230,000 average per home. Sales in all areas, as well as prices, appear to be holding steady.