Metro Vancouver prices, on the Teranet-National Bank index, reached their recession trough in May 2009, but rose 11.7 per cent between May and January. Metro Vancouver prices rose .9 per cent between December and January, the biggest gain among the six major markets included in the Teranet-National Bank index. The Vancouver Sun
Metro Vancouver Prices: They’re back, baby
April 1, 2010
Pre-recession, Vancouver’s market was hot. And I mean hot. But now, it’s even hotter. Just like the weather. Mmm…sun, long weekend — but I digress.
February’s average price was $662,741 in the Metro Vancouver area which excludes Surrey, Langley and White Rock. The pre-recession peak price was $624,639. So that means Vancouver has regained all the value lost during the recession– and then some!
PLUS, although prices are not driving forward with the same gumption as in the past nine months, demand is projected to continue to drive up prices until the promised interest rate hikes in the Summer. More new developments and resale listings will act as mediating factors on price increases. Another important factor to the determination of future prices is the increase in mortgage rates introduced this week.
Either way, there’s no doubt that Vancouver’s market is back in business. And maybe even stronger than ever.