Stuart Hunter
Province
A new report suggests B.C. home prices will not decline as they have in some U.S. markets and hot spots like Vancouver’s west-side and North Vancouver will remain torrid.
According to the National House Price Survey conducted by Century 21, house prices have cooled off in most of Canada and B.C. except for North Vancouver, which was up 12 per cent in the past six months (and 108 per cent over the past five years) and west-side Vancouver, which increased 10 per cent (and 100 per cent over the past five years).
“I think we are moving toward a more stable market, a more normalized market than we have seen over the last five years,” said Century 21 president Don Lawby.
“British Columbia’s economy continues to be fuelled by construction for the 2010 Olympic Winter Games, growth in high-tech business, exposure to Asia-Pacific trading opportunities and migration of retirees from other provinces.”
Nationally, Red Deer, Alta., was the hottest market in the past six months up 19 per cent (68 per cent over the past five years).
In B.C., price growth over the past six months slowed to seven per cent in Kelowna and Abbotsford, six per cent in Victoria and zero in Vernon.
He predicted Canada will not suffer price crashes seen in some U.S. states such as Arizona and Nevada, which have been exacerbated by speculation and lending policies.
© The Vancouver Province 2006