Here’s a fascinating bit of info for those of you that have been surprised by the spring bounce in the Vancouver real estate market. The Province is reporting that house prices in Vancouver have jumped an astounding 16% since last May!
..Or at least their headline is. Those that read the article may be dissapointed by the actual number:
The average house price for the city and surrounding area was $583,674, down 6.6 per cent from a year earlier.
Nationally, the housing market continued to rebound in May with a fourth consecutive increase in monthly sales, the association said. The Ottawa-based group said the average sale price of a home sold through the multiple listing service reached a record of $319,757.
That’s up 0.4 per cent from May 2008, when the previous record was set. The association said the market is now returning to what it called “pre-recession levels” of activity.
It’s a very bouncy spring bounce indeed.
Hat-tip to Beau for finding this gem.