Canada's Housing Bubble

Nov 2, 2009  Vancouver home buyers seem to have no time for Christmas dinner this year

Today latest Real estate market summary for the Greater Vancouver area reported home values continued to edge upward in November as demand in the Greater Vancouver housing market remains well above seasonal norms. “This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to the diverse range of housing options available in Greater Vancouver,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 12.4 per cent to $557,384 from $495,704 in November 2008.

Greater Vancouver sales up over 250% in November when compared to November of 2008. Listings down over 8% compared to last month and declined 39 per cent from this time last year.

Please click here to read full report.