A report from the Vancouver Sun indicates that Vancouver's market is heading towards a soft landing rather than a large-scale crash. The decline is expected to be relatively slow over the next few years.
The average price for a single-family home in the Vancouver area in December 2013 was $927,000, an increase of 2.5 per cent year-over-year. Prices in Vancouver have notably been among the highest in the country, but it wasn't always the case.
Before 2005, prices were lower and more on pace with the nationwide average. Ever since then, the prices have been continuosly trending upward, and have reached record highs in the process.
Despite the increase in price, home sales in the Greater Vancouver area have been steadily declining, falling 9.3 per cent from September to October 2013. However, they did experience montly increases in Novemeber and December, by 5.3 and 5.6 per cent, respectively.
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