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The price of homes of southwestern B.C. and the rest of the province have changed in different directions. The average price in the Okanagan and other interior regions dropped, while homes in Metro Vancouver and Fraser Valley rose sharply. According to BCREA economist Cameron Muir, the reason could be due to less migration, fewer sales of recreational properties in the Okanagan. However, he also noted that the Metro Vancouver prices are starting to pull back as the single detached home sales are returning to normal.
He further mentioned that the low mortgage rate will continue to support housing demand as well as active listings in province, since” most regional markets exhibited buyers’ market conditions.”
Over the year, Metro Vancouver price rose from $681,000 to $779,000 (14.4 per cent), Victoria prices rose from $472,000 to $537,000 (13.7 per cent), Fraser Valley rose from $424,000 to $508,000 (19.7 per cent). However, Powell River dropped from $297,000 to $260,000 (- 12.7 per cent), Okanagan Mainline dropped from $384,000 to $383,000 (-0.3 per cent), and the South Okanagan dropped from $331,000 to $307,000 (-7.2 per cent).
For the full article, please click on the link below:
The Vancouver Sun – Sept 29th, 2011
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