Metro Vancouver posts steepest housing price gains
Metro Vancouver saw the steepest increase in home prices of Canada's major markets in the first quarter of this year in a sales rebound characterized as an "irrational" response to market conditions that won't be sustainable, according to national realtor Royal LePage. The average price of a detached bungalow on Vancouver's east side hit $674,180 in the first quarter of 2010, a 25-per-cent jump from the first quarter of 2009, realtor Royal LePage reported Thursday in its quarterly survey of major-market housing prices. A standard Vancouver east-side condominium saw an even steeper gain of 29 per cent to hit an average $402,000. An average Vancouver west-side bungalow, which dipped as low as $950,000 in the first quarter of 2009, had roared back to an average $1.15 million, a 21-per-cent gain, in the first quarter of this year. |
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