Jan 2010 7

Vancouver Property On the Up

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Vancouver is leading the way in bucking the sluggish property market according to a recent survey.

Regions which saw the most severe declines during the recession are know showing robust growth.

Regions that saw the strongest declines during the recession are now showing marked gains, including the Lower Mainland, B.C. Vancouver in particular experienced a robust quarter, with home prices rising across all housing types surveyed.

A new report by a leading Canada-wide real estate firm says average property prices are expected to continue to increase as confidence in the economic recovery grows.

One important factor has been the stimulus effect of low borrowing costs, which has contributed to a sharp rise in demand that has driven activity to new highs.

The survey adds that house prices appreciated in late 2009, with fourth quarter price averages higher than fourth quarter 2008. The average price of detached bungalows rose to $315,055 (up 6 per cent), the price of standard two-storey homes rose to $353,026 (up 5.2 per cent), and the price of a standard condominium rose to $205,756 (up 6.4 per cent).  

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