Here is the news from the Real Estate Board of Vancouver, B.C. August 2, 2007.
"At the beginning of the year, most experts predicted a slower market than what we’ve experienced for the past five years in the Greater Vancouver area. To date, realtors are reporting the exact opposite as the housing market continues to exceed market forecasts. "
"We saw a lot of movement this July in the sales of detached and apartment properties in almost every area of our Board. Some of this movement could be the result of the recent increase in interest rates as consumers who are locked into mortgages at a good rate move up in the market,” explains Naphtali. “With the average amount of days a property stays on the market holding steady at a brisk 38 days, consumers should contact their REALTOR® to find out how this will affect the sale or purchase of a home."
You can download the whole Vancouver real estate July 2007 news release here in PDF format.