According to the Housing Price Index for Greater Vancouver, home values jumped 7.6% last year.
The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver, increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.
The sales price for a Vancouver home was C$622,239. The number of home sales was up 5.9% to 32,390; this was 6.3% below the average for the previous ten year period.
REBGV president Rosario Setticasi, said, “It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below.”
The Canadian Real Estate Association provides a wealth of information at its media centre: http://www.crea.ca/public/news_stats/media.htm
John “Mack” McCoy is a Realtor® Certified International Property Specialist.