May 14th 2011 – Vancouver house prices have risen to a new record high for the month of April bringing the REBGV benchmark home price to $3,432,285. Another record was broken last month as condo prices in the downtown core actually surpassed the SFH benchmark price in Vancouver. A 5 year old 450 square foot condo in downtown Vancouver is now worth $3,458,998.
Vancouver Mayor Cam Muir has just announced plans for a mass-awards ceremony to award the ‘bravery and faith’ of Vancouver real estate investors.
“These are the people who have really kept this economy going while the rest of the globe stumbled” Muir explains. “Not so long ago there was a real danger of all the naysayers drowning out the strong and reasoned voices of condo investors. I recall the dark spring of 2008 when condo prices actually fell a small fraction and some assumed we would follow the US into the dark abyss of depreciation. Of course as we all know now that was the perfect buying opportunity”
Many give at least partial credit for Vancouver’s eternally booming real estate market to the ‘minimum rent increase’ act that was brought into law just under two years ago.
Many residents spoke out against this law at the time claiming ‘rent is determined by what people can pay’. Some believed that requiring a minimum rental rate increase of 20% per year for all rental units would wreck our economy as people moved away. Clearly this has not happened as the increases have only improved our position on the world stage. City planner Robn Adamache explains:
“Just like Prada or Gucci, smart people know that the more you pay for something the more it’s worth”
The awards ceremony will be held June 30th at the new BC place stadium. There will be free hot dogs for the kids and a special performance by Billy Ray Cyrus.