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Vancouver Property Market – The Sky is Not Falling In

April 21, 2008

Filed under: Real Estate Market,Vancouver — Richard Morrison @ 3:50 pm
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Vancouver Property Market Statistics – The Sky is Not Falling In

Records Set for Volume and Price, Province Wide

The recently published Landcor report for 2008 states that in 2007 new record highs were set for the total dollar value of sales, a total of $62 billion of property was sold, a 15% gain from the previous year, and three times higher than the 2001 value. ($18.9 billion)

In spite of media reports indicating a slower market due to affordability issues in the vancouver fraser Valley and Metro vancouver areas doller values and home sales remained strong, with the average sales price of residential property in BC increasing for the sixth consecutive year, rising from $392,684 to $339,694 a $15.6% increase

The biggest gains in median prices were seen in vacant land, the median price rising to $150,000 from $100,000 a fantastic 50% increase!

Median prices for detached Vancouver properties, province-wide rose 17.7% to $412,000 from $349,900.

Attached property in BC also saw substantial gains of 12.5% with median prices rising to $337,500 from $300,000.

The Landcor cites several drivers for the continued growth in BC:

Job Growth above 3%,
Net Migration of around 56,000 persons,
Personal Income Growth of above 7%,
Favourable Mortgage Rates,
BC’s high quality of living and,
An overall healthy lifestyle and environment.

Landcor indicate that economic fundamentals and market conditions remain strong, which is conducive to high sales volumes and rising prices, so the outlook for 2008 is definitely promising, the sky is certainly NOT falling in!

<Update Looking back at 2008> The sky certainly did fall, but we had a very strong uprise in the market after 8 months of a small downturn.

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