Greater Vancouver Home Prices Heading For 2006 Level

January 15, 2009

 Greater Vancouver home prices are heading for 2006 level.

Home prices in Greater Vancouver had experienced an unprecedented run up in prices since 2001. The hot housing market finally peaked around May, 2008 and a reversal in fortune is now being played out in the market.

richmond-house.jpgWe are heading towards 2006 prices!

The housing trend in the Greater Vancouver area is heading for the 2006 pricing levels for detached homes, townhomes and condos/apartments. The housing price charts here by Brain Ripley showing the pricing trend is clearly coming down from the peak recorded around May and June of 2008.

The current economic outlook and uncertainties in Canada have resulted in consumers holding back on making major financial commitments like buying their homes now.

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