Vancouver Realty Online presents the May 2011 Vancouver Market Report from Inman News. We’re especially proud of our own Susan Keevil‘s contributions to the article!
Housing prices climb to global heights for latest Olympics host
Greater Vancouver housing sales cooled off in April after moving at a red-hot pace the previous two months.
Canada’s third-largest metropolitan area saw residential sales of single-family detached, attached and condominium properties decline 21 percent to 3,225 year-over-year, according to the latest report from the Real Estate Board of Greater Vancouver. Sales were off 8.2 percent from March. The board attributed the April sales decline to a slowdown in condo sales.
The board’s benchmark Housing Price Index for all residential properties rose to $622,991 in April, up 5 percent from $593,419. The benchmark represents the sales price of a typical property within the market and is considered a more accurate reflection of prices.
A sales spurt of multimillion-dollar homes in some parts of Vancouver skewed the average sales price of a home nationally, pushing it up to $372,544 in April, according to the Canadian Real Estate Association.
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