Home prices – where are they headed?


Friday, June 4th, 2004

RL

 Strategic information for REBGV Realtors
June 4 , 2004

Home prices – where are they headed?
Can we expect home prices to level out sometime this year?
“There’s little or no chance of this happening,” says Central Credit Union chief economist, Helmut Pastrick.
    “But in 2005, it’s more likely that price increases will slow since more supply will be on the market.”
    Prices have been rising rapidly. How much? Here are some highlights noted in the table below. House prices are still affordable, even for first-time buyers. Why? Because interest rates are still low and the economy is picking up.

Single detached (benchmark price)
  April 2004 April 2003 % change
Greater Vancouver $495,570 $415,360 19.6
Maple Ridge $308,590 $262,040 17.9
New Westminster $370,750 $289,610 28.1
Sunshine Coast $294,550 $220,160 41.2
Vancouver East $411,240 $341,400 20.0
 
Attached (benchmark price)
Burnaby $297,320 $236,070 24.5
North Vancouver $425,450 $329,060 29.0
Vancouver West $434,610 $371,200 22.4
Apartment (benchmark price)
Port Moody $192,740 $162,970 20.4
Richmond $209,390 $167,560 25.3
West Vancouver $429,480 $326,580 30.2


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