Great attention is often paid to the Greater Vancouver area, and the City of Vancouver itself. At Home Equity Solutions, we operate throughout the province and aim to provide analysis on housing markets across British Columbia. With that in mind, we highlight the far off market of the mysterious Fraser Valley.
This may sound like a silly question, but it is surprisingly difficult to answer. The Fraser Valley can refer to a regional and legal jurisdiction, areas covered by the Fraser Valley Real Estate Board, or areas considered the Fraser Valley by other persons or institutions. This article will leverage data from several different sources, which do not necessarily agree upon the definitions.
Any government data, such as the Census of Canada or statistics from Metro Vancouver (formerly known as the Greater Vancouver Regional District) use the following definition of Greater Vancouver and the Fraser Valley:
Here we see that the Fraser Valley starts east of Langley/Maple Ridge and extends quite a ways east and north. This definition, however, includes large swaths of land with relatively sparse population.
Housing market statistics generally use a different definition. The Fraser Valley Real Estate Board and Urban Analytics (a new home sales research firm) use the following definition for the Fraser Valley:
This definition encompasses everything south of the Fraser River an everything north of the Fraser River and east of Port Coquitlam.
This section relies on research from Urban Analytics:
The Fraser Valley real estate market is an entirely different beast that the Greater Vancouver real estate market. It is driven largely by townhomes and owner-occupiers and represents a more affordable opportunity for many young families.