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The Fraser Valley Real Estate Board has released yearly stats for 2007. Overall the year was a very solid year right across the Fraser Valley real estate region. Prices of single family detached house saw modest gains in Surrey, Cloverdale, Langley and Abbotsford. This was probably due to a high number of listings in these communities. North Delta saw the highest increase in price of single family detached homes, most likely due to a minimal new construction and low inventory of single family detached homes in Delta.
In case of townhomes, the entire Fraser Valley region saw double digit gains in prices, the only exception being Lanlgey at a gain of 7%. White Rock and South Surrey recorded the highest gain at a whopping 55%. Prices of townhomes rose 37% in Mission, although townhomes in Mission were priced at the lowest compared to other areas at the beginning of the year.
The average price of apartments fell at whopping 65% in 2007. Another area that saw a decrease in price of apartments was Cloverdale at -9%. The rest of the Fraser Valley real estate market saw low to modest gains in apartment prices in 2007.
CREA (Canadian Real Estate Association) expects 2008 to see record price levels but modest gains in price over 2007. Affordable interest rates, consumer confidence and employment are cited as the factors that will prevent Canadian real estate market following the US market into a slump.
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