New Construction Stays Strong in Vancouver

Current news in the Fraser Valley real-estate market place is the lack of supply. Recently there has been an increase in both active and new inventory in the Fraser Valley, however supply in February is well below ten-year average. New construction of multi-family homes remains strong in Vancouver, while Surrey continues to attract both local and foreign buyers. Affordability is the main concern, with first-time buyers often priced out of the market and a shortage of units. Median price levels for detached homes in the Fraser Valley are up nearly 16.7% from last year, reaching $957,100, Median price levels for Townhomes units in the Fraser Valley are up nearly 23.3% from last year, reaching $602,900, Median price levels for Apartment unit in the Fraser Valley are up nearly 40.0% from last year, reaching $385,000.