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Home prices - where are they headed?

2004-06-04 · Les Twarog & Sonja Pedersen

RL


 Strategic information for REBGV Realtors
June 4 , 2004

Home prices - where are they headed?
Can we expect home prices to level out sometime this year?
"There's little or no chance of this happening," says Central Credit Union chief economist, Helmut Pastrick.
    "But in 2005, it's more likely that price increases will slow since more supply will be on the market."
    Prices have been rising rapidly. How much? Here are some highlights noted in the table below. House prices are still affordable, even for first-time buyers. Why? Because interest rates are still low and the economy is picking up.

Single detached (benchmark price)
 April 2004April 2003% change
Greater Vancouver$495,570$415,36019.6
Maple Ridge$308,590$262,04017.9
New Westminster$370,750$289,61028.1
Sunshine Coast$294,550$220,16041.2
Vancouver East$411,240$341,40020.0
 
Attached (benchmark price)
Burnaby$297,320$236,07024.5
North Vancouver$425,450$329,06029.0
Vancouver West$434,610$371,20022.4
Apartment (benchmark price)
Port Moody$192,740$162,97020.4
Richmond$209,390$167,56025.3
West Vancouver$429,480$326,58030.2