“Year over year, home prices in the Fraser Valley are either on par or showing increases; month over month, benchmark prices for the three main residential property types combined declined by 1.3 per cent.”
The benchmark price of a single family detached house in the Fraser Valley in August was $528,959, an increase of 3.7 per cent compared to $510,107 in August 2010.
For townhouses, the benchmark price in August was $327,317, an increase of 0.9 per cent compared to $324,485 during the same month last year. The benchmark price of apartments in Fraser Valley in August was $245,751, an increase of 2.5 per cent compared to $239,659 in August 2010."
My summary:
SFH and Apartment Median price DOWN YOY!!
More listings. More sales. Softening prices, but HPI still up YOY- but close to or less than inflation.
South Surrey White Rock, negative for 5 years! Most other areas well below inflation.
The further we get from the HAM frenzy, the more likely we are to see weakness.
