Feb 2008 29

Vancouver no longer tops real estate hot list

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A new report examining housing prices over the last decade has found that while prices in Greater Vancouver remain the highest in the country, other parts of the country may be closing the gap, CBC News reported.

Quoting a report from RE/MAX realtors released Thursday, the cbcnews.ca article goes on to say that while the price of an average home in Greater Vancouver has increased 98.8 per cent from 1997 to an average price of $570,000, Vancouver actually trails behind most major cities in the West in terms of how quickly prices are rising.

The report compares Vancouver to other cities such as Edmonton, where home prices have shot up a whopping 203 per cent in the past decade to $339,000, or red hot Calgary where prices have shot up 187 per cent to $414,000, or even hotter Kelowna with a rise of 178 per cent to $497,000. Vancouver's increase of 99 per cent over the past decade was actually almost identical to the national average of 98.7 per cent.

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