Real Estate Daily Report

Greater Vancouver home sales forecast to flatten while prices inch up

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The average home price this year for apartments, attached and detached homes is expected to climb slightly to $1.2-million, a 1.4 per cent increase.

Home sales in Greater Vancouver are predicted to stay in line with last year’s slower pace, while prices inch up slightly.

Historically, the report says rapidly escalating mortgage rates haven’t had as big a negative affect on prices as they have had on sales in Metro Vancouver.While the current downturn has resulted in a price decline of about 10 per cent, the forecast says steady population growth in Metro Vancouver will underpin prices and maintain or even increase values.

 

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