Market News

Vancouver Homes Ranked 3rd Highest

According to a report released by BMO, Vancouver homes now cost 11.2 times median family incomes. That is more than double the current Canadian average of 5.1 times income. A recent survey rated Vancouver the third-least-affordable city in the world, behind Hong Kong and Sydney, two other cities influenced by Chinese demand.

Uptrend Market Conditions Continue

Since late 2008, market prices have gone up about 100% in many areas such as Dunbar and Point Grey in Vancouver West. A typical 33x122 lot would have cost approximately $750000 back in late 2008 and early 2009, potential buyer would be very fortunate to get one for $1.4 million in today marketplace.

In East Vancouver area such as Killarney and Fraserview, market prices have gone up about 50% since late 2008.

Many economic experts believe that the current real estate market is abnormal in the way that it has jumped up so rapidly in the past couple of years.