As I predicted lat last year and early this year, we are
experiencing excellent appreciation here in Vancouver.
On the Westside of Vancouver we are presently experiencing monthly
appreciation rates of 1-2.5% per month (apartments to houses). The 1 year change over the previous 12 months
shows a strong 14-17% appreciation (see Housing Price Index Table). This strong market shows no signs of slowing
as inventory levels remain low and buyer demand remains high.
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I predict that this year we will continue to see a very
strong market where we could see price increases in the 15-20% range. We should expect this growth in prices to continue
right to 2010 and possibly a year or two afterwards. Great news for home owners and warning bells
for those looking to buy in the future.
The warning: “Buy now and get into the market or you are losing 2% per
month!
There are many reasons our housing industry is doing so well
this year but the bottom line is that Vancouver
is one of the best cities in the world to live in! Where else is there a free democratic society
where one can be as successful as one wishes without constraints, or where one
can truly enjoy the outdoors and all of its wonder at your very doorstep. From the mountains for hiking, biking, and
skiing to the oceans for swimming, boarding, or sailing Vancouver really is unmatched on a global
playing field. It’s a great city to be
single and it’s a great city to raise a family. Vancouver is safe, healthy and vibrant! It has something for everyone who enjoys
life. The only thing the Olympics will do for us is expose us to the world once
again, letting everyone know what we already know: that there is no place like home here in Vancouver.
