Housing prices gain in October
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Updated: November 06, 2009 9:43 AM
Greater Vancouver real estate prices rose again in October.
The benchmark price of a single detached house climbed about one per cent from September to $749,800, according to the Real Estate Board of Greater Vancouver (REBGV).
That's now up 7.7 per cent from one year ago.
Last winter's global financial crisis spawned a housing market slump that bottomed out in March.
“While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008,” said REBGV president Scott Russell.
Attached duplexes or townhouses in Greater Vancouver are up 4.6 per cent from a year ago to a benchmark price of $468,800. Condos are up 6.3 per cent to $381,000.
Prices in the Fraser Valley Real Estate Board, which includes Surrey and White Rock, remained essentially flat from September to October.
Fraser Valley residential real estate benchmark prices are up about 7.4 per cent over the past six months. Detached houses are up 0.4 per cent to $491,120 from a year ago, while townhouses are down 2.1 per cent to $319,160 and apartments are down 2.3 per cent to $240,000.
Realtors say higher consumer confidence and continuing low mortgage rates have spurred strong sales.
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