If you were hoping to capitalize on a slowing real estate market in B.C. and purchase a detached home, the latest signs suggest you may have missed your window of opportunity.
The latest report from real estate giant RE/MAX suggests detached home prices are rising, and it’s across the board.
Vancouver and the Fraser Valley stand out, but even pockets suck as Bowen Island show increases in prices and sales over the first six months of 2024.
RE/MAX looked at almost 20 communities and regions around the Lower Mainland and Sea to Sky country, and the results were consistent.
Prices were keeping first-timers out of the market while investors and those already in the market — moving into bigger places or downsizing — were the ones responsible.
“Detached price appreciation was led by Greater Vancouver and the Fraser Valley, driven by limited inventory levels. Fraser Valley took the lead, with 83.3 per cent (5/6) of local areas noting an upswing in average price, followed by Greater Vancouver, which saw median values increase in 70.6 per cent of neighbourhoods,” the real estate agency shared.
However, the agency found detached homes in recreational communities were the top markets in the Lower Mainland, which saw Bowen Island leading the way with a 36.8 per cent increase in detached home sales.
“Recreational communities are represented in the top markets in the GVA, with many buyers seeking to combine the joy of nature with access to the city. Areas such as the Sunshine Coast and Squamish, in particular, are experiencing a strong uptick in recent years that is all lifestyle-driven,” explained RE/MAX Canada president Christopher Alexander.
Among the places that saw the sharpest spike in home sale prices were Squamish and Burnaby. They surged more than 14 and 10 per cent, respectively, in the first six months of 2024. Squamish’s median value for a detached home now sits at $1.57 million, with Burnaby’s at a cool $2.16 million.
“Other pockets reporting rising median prices included North Vancouver (+8.3 per cent to $2,275,000), Richmond (up five per cent to $2,100,000), Vancouver East (+4.6 per cent $1,974,950); and Whistler-Pemberton (+3.4 per cent to $2,350,000). In the Fraser Valley, more nominal increases were posted in Abbotsford, Mission, White Rock/South Surrey, Langley, North Delta, and the City of Surrey, ranging from 0.08 to 3.3 per cent,” RE/MAX shared.