House Price Survey and Market Survey Forecast released showed strong year-over-year price appreciation for all housing types surveyed in Vancouver.
The price climbs are are due to two factors...
1. The international buyers are coming to Vancouver due to our stable economy and solid Real Estate Market. Vancouver Real Estate has become some sort of safe haven for international investors. There dollars will potentially grow 5% - 10% over the next few years, much better then any bank could do.
2. Local buyers see a value in Vancouver Real Estate market. Low interest rates drove demand for Vancouver homes as many buyers took advantage of low rates to enter the market or move-up to larger homes.
Looking ahead to 2012, price appreciation in the Vancouver market is expected to slow with average prices predicted to finish the year 2.3 per cent higher than the end of 2011 (according to BCREA and CREA).
Nationally the market proved resilient as demand created by low interest rates and a relatively stable national economy created upward pricing pressure for all housing types surveyed. Further, recent high profile reports forecasting significant house price declines in 2012 are not supportable. In the fourth quarter, standard two-storey homes rose 4.2 per cent, while detached bungalows increased 6.1 per cent. Average prices for standard condominiums increased 3.6 per cent.
THE AZIZ GROUP