April 18, 2011
The British Columbia Real Estate Association reported in a news release today that from March 2010 to March 2011, the average price of a home in the province rose 15 percent.
However the report noted an increasingly obvious trend. “We continue to observe a two-speed market in BC, with surging consumer demand in Metro Vancouver overshadowing more moderate demand in other regions,” said Cameron Muir, BCREA’s Chief Economist.
“Vigorous consumer demand drove Greater Vancouver to its most active March since 2004,” he said, “while the Fraser Valley had its strongest March in four years. Conversely, sales activity in other BC markets is expanding at a pace more inline with overall economic growth.”
It will be interesting (and important) to watch whether the dual speeds continue to diverge or, eventually, begin to more or less align. Stay tuned. . .