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By Fraser Valley Today Staff

Housing

Fraser Valley real estate market among the hottest across Canada

Mar 15, 2024 | 9:10 AM

CHILLIWACK — Newly released data has shed light on the regions across Canada experiencing substantial increases in house prices from January 2023 to January 2024. While the leading area is the community of Bancroft, Ontario, the Fraser Valley isn’t far behind.

Bancroft is a small community located approximately 230 km northeast of Toronto. It’s considered a gateway to the picturesque Algonquin Provincial Park. It recorded an average rise of $71,200 in house prices over the course of 2023. The average house price jumped from $484,800 in January 2023 to $556,000 in January 2024, a 14.7 per cent increase. The surge was almost seventeen times the national average rise.

Following closely in the rankings was Calgary, where house prices experienced a rise of $52,000. With an average increase of 10.1%, the report says Calgary’s robust economy and diverse array of recreational and cultural offerings solidify its appeal as a sought-after residential destination.

The Fraser Valley secured the third spot with a 5.2% rise of $50,200 in house prices. According to the Fraser Valley Real Estate Board’s February 2024 report, the rate of new listings is up four per cent over the ten-year average and traffic at open houses in the region is increasing, sending signs of the market heating up further.

The B.C. Lower Mainland garnered the fourth position with a 4.7 per cent increase of $50,000 in house prices. The area includes Vancouver and Surrey and continues to be one of Canada’s most desirable locations to live.

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Rounding up the top five is Greater Vancouver – a 4.3 per cent hike of $48,300 in house prices. While it has become known as one of the world’s most expensive cities, greater Vancouver remains a sought-after destination for homebuyers.

Real estate analysts at calgaryhomes.ca analyzed house sales data from the Canadian Real Estate Association, uncovering the average rise or fall in house prices in 52 Canadian regions. The numerical and percentage change in benchmark prices from January 2023 to January 2024 served as the basis for ranking the areas. The findings were then ranked based on the magnitude of the increase.