Vancouver shrugs off the crunch
A typical single-family home anywhere in the city or its suburbs costs more than 750,000 Canadian dollars, or $774,000 US. Even a fixer-upper on the city's desirable west side can top a million dollars- well out of reach of most Vancouverites who do not already have a toehold in the market.
While many American and central Canadian cities have seen slowing sales and falling prices in the past year, the most pessimistic thing any real estate expert can say is that Vancouver housing prices are not expected to rise quite as steeply this year as they did in 2006 and 2007.
Robyn Adamache, senior market analyst with the Canada Mortgage and Housing Corporation, explained: "What we're expecting is a bit of moderation, but prices are going to continue to increase, but at a slower pace than we've seen over the past couple of years. Overall, we’re projecting an 8 percent rise in metropolitan
Ms Adamache went on to offer reasons why Vancouver is currently so popular: “A strong western Canadian economy, low unemployment and a steady stream of people moving to Vancouver from around the world are key factors in the ongoing growth. Many people are drawn to the city by its moderate climate, its stunning backdrop of mountains and sea, and its multicultural vibeâ€.