Lower Mainland detached housing market values holding steady: report

Detached house market values in West Vancouver and Vancouver’s west side are bucking downward price trends while Burnaby, Coquitlam and Port Coquitlam markets are proving durable, a new RE/MAX Canada report says.

The central bank surprised market watchers July 13 with a hike of 100 basis points, bringing its target for the overnight rate up to 2.5 per cent. However, 75 per cent of Greater Vancouver markets experienced a downturn in second median values, coming off peak levels reported in 2022’s first quarter. These established communities are drawing purchasers who are looking for affordable detached housing with good accessibility to the downtown core, with preliminary estimates of the Q2 median values ranging from just $1.44 million in Port Coquitlam to $2.12 million in Burnaby.

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