Lower Mainland house prices climbed by an average of 7.7% in May, according to the new monthly summary of transactions from area real estate boards.
The latest monthly increase means Fraser Valley detached house prices are up 38.3% from one year ago to $834,200, and the benchmark detached house in the Greater Vancouver area is up 36.9% to $1.51 million.
The biggest recent price gains have been in North Surrey and North Delta — both up just over 30% in the last six months — followed by Richmond (up 29.8%) and South Surrey/White Rock (up 28.3%.)
Benchmark prices of townhouses were $365,000 across the Fraser Valley in April, up 20.4% from a year ago, while apartments were up 17% year-over-year to $225,200.
In the Greater Vancouver area, attached homes were up 24.9% from one year ago to $632,400, while apartments were up 22% to $485,200.
"Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today," said Dan Morrison, president of the Real Estate Board of Greater Vancouver, which excludes Surrey, North Delta and White Rock.
"Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity."
The Fraser Valley Real Estate Board is still seeing "tremendous" demand for detached houses despite signs that is levelling off, said president Charles Wiebe.
"We’re also seeing the ripple effects as consumers are looking to townhomes and apartments in record numbers. This year, so far, is the busiest those markets have ever been."
See below for a chart of how house prices have changed for individual cities over time.
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