The Real Estate Board of Greater Vancouver (REBGV) benchmark price for a home in Vancouver edged up in the first month of 2008 – the new benchmark prices are as follows:
Single Family Home: $742,490 (+ $12,091)
Attached / Townhouse: $462,627 (+ $5,686)
Apartment / Condo: $378,336 (+ $757)
Full stats are available from Paul Boenisch at nvcondos.ca.
In the Fraser Valley prices are down in many areas compared to December 2007, but still up year over year. An increase in listings has pushed the Fraser Valley into a ‘buyers market’ according to the Fraser Valley Real Estate Board. Detailed analysis of the Fraser Valley market can be found at the Financial Planning and Personal Sanity blog.
So far the Vancouver real estate market has been remarkably resilient – recession fears, a writers strike, complaints about affordability and markets dropping around the world have not dampened speculation in the Vancouver market. Will we see a change in 2008 or can we expect to see higher prices in the next 12 months?