Housing Market

New Residential Construction
Housing Prices
Rental & Vacancy Rates

New Residential Construction

The demand for new houses in Mission dropped through the 90’s to a low point of 80 starts in 1997.  Since then the demand has increased rapidly reaching 400 housing starts in 2004, but has since dropped.  2007 is showing signs of another strong year for housing starts in Mission.

Housing Prices

Housing prices in the Fraser Valley have seen steady increases over the past 7 years. The average price for a residential detached house in Mission has increased by close to $175,000 in that time frame. In the same time period the average price for a townhouse has increased by approximately $140,000 and apartments by almost $167,000.

Rental & Vacancy Rates

Mission has experienced drastic drops in vacancy rates over the past year. In 2006, vacancy rates for one and two bedroom units dropped to under 2%. Rental rates have also increased, reaching $577 for a one bedroom unit and $674 for a two bedroom units.