As Vancouver housing prices increasingly rocket out of reach, the one consolation for wannabe homeowners has been that the Fraser Valley remained affordable.

That is no longer the case for many, though, as Valley prices are racing to catch up with Vancouver. For the fourth month in a row, the Fraser Valley Real Estate Board has reported record-breaking numbers of home sales over last year.

“Fierce demand continues to put a strain on both inventory levels and buyers looking to purchase within the Valley,” FVREB president Charles Wiebe said in a release. Wiebe called the situation “daunting” as prices surge to ever higher levels.

The increase was seen most dramatically in single-family detached homes throughout the region, where the benchmark price increased 30.4% from April of last year, to $776,500 from $595,000. Townhouses had an increase of 17.6%, to $353,300 from $300,400, while apartments jumped 15%, to $219,900 from $191,200.

The demand in the Fraser Valley is evident in the short listing times as well. It took just 17 days on average to sell a single-family detached home in April of this year, compared to 38 days in April 2015.

Some areas had larger increases than others, with North Delta registering a 35.2% increase in the benchmark price of single-family detached homes, which rose to $797,000 from $589,300. Surrey North was close behind with a 34.1% increase as detached homes rose to $776,900 from $579,400.

Abbotsford saw the smallest jump, with the benchmark price of single-family detached homes rising 25.9%, to $574,100 from $456,000.

Mission remains the best deal, with a benchmark price of $492,200 for single family detached homes — a 31.5% increase over the April 2015 price of $374,300.

The most expensive area in the Fraser Valley Real Estate Board’s region is White Rock/South Surrey, where the benchmark price for single family detached homes rose to $1,286,200 from $973,400, an increase of 32.1%.

Fraser Valley Sets Record for Home Sales for 4th Month in a Row by Peter Darbyshire | Vancouver Sun