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May 22, 2010

The Vancouver Sun calls it a ‘sign of balance in Metro market‘, whatever it is, Vancouver’s average home price dipped about 2.6 per cent to $662,348 in April from March.

Not so bad though considering the average price of a home in Metro Vancouver is still 20 per cent higher than the same month a year ago.

These stats are being reported by the Conference Board of Canada. The board attributes the price adjustment to a rapid rise in new listings – up 63 per cent from a year ago.

University of B. C. Prof. Tsur Somerville expects prices will be “steady for a while” and calls the report further evidence that the market is slowing and keeping with the forecasts of major agencies and banks.

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