VANCOUVER — Resale home prices in the Vancouver area have inched up in the second quarter of 2009, and are likely to continue doing so, but still remain well below what they were a year ago, according to Royal LePage`s quarterly house price survey released Tuesday.
Prices between April and June for all types of homes in the four areas surveyed — Vancouver East, Vancouver West, North Vancouver and West Vancouver — either remained flat or increased. The biggest jump — eight per cent — was in condominiums in Vancouver East, which increased from $311,000 in the first three months of the year to $336,000, down only 0.6 per cent from the second quarter of 2008.
Royal LePage`s mid-year forecast for the average resale house price in Greater Vancouver is now $560,000, up substantially from the $540,100 predicted at the beginning of the year. However, that price is still 5.7 per cent below 2008`s average resale price of $593,767.
"Prices are edging up, but they`re still going to be down from this time last year," said Bill Binnie, president of Royal LePage Northshore
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Prices between April and June for all types of homes in the four areas surveyed — Vancouver East, Vancouver West, North Vancouver and West Vancouver — either remained flat or increased. The biggest jump — eight per cent — was in condominiums in Vancouver East, which increased from $311,000 in the first three months of the year to $336,000, down only 0.6 per cent from the second quarter of 2008.
Royal LePage`s mid-year forecast for the average resale house price in Greater Vancouver is now $560,000, up substantially from the $540,100 predicted at the beginning of the year. However, that price is still 5.7 per cent below 2008`s average resale price of $593,767.
"Prices are edging up, but they`re still going to be down from this time last year," said Bill Binnie, president of Royal LePage Northshore
Read the full article here.