Whoa. What’s going on in British Columbia?
The prices of Vancouver condos will continue to rise until 2010, says a report released yesterday.
After experiencing average price growth of 17.1 per cent in 2006, Vancouver condos will “rise about 6.2 per cent this year and average 4.4-per-cent annual growth through 2010,” said Genworth Financial Canada in releasing its Metropolitan Condominium Outlook.
The firm linked a slower rise in prices to lessening demand more in balance with supply.
Compare this to what we’re seeing in cities such as Las Vegas, San Diego, and outside of Miami, and you can see quite a contrast.
Driving the prices are a healthy economy (no small part due to oil riches pouring over from neighboring Calgary) and a thriving downtown scene, attracting single people, couples, and those with young children.
More: Just how high can our condo prices go? – By Derrick Penner, Vancouver Sun