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West Vancouver Real Estate

Blog by Patrick O'Donnell PREC* | October 27th, 2011

BC home prices increased approx 5% last month, but it is important to remember that those prices have been driven by very specific areas like parts of West Vancouver, parts of the West Side and some of Richmond.

To generalise and say that the whole of West Vancouver for example increased by 5% last month would be a total contradiction to what home owners outside of the Ambelside, Dundarave and British Properties know to be true.

Interest rates remain low, however; whereas 5 years ago this would have been enough to encourage buyers to part with their hard earned money. Buyers now seem to be almost immune to the low rates, believing that they are a fixture of the future....trust me they are not. 

Housing prices have increased, but so has everything else. So far this year, 56,000 homes exchanged hands in our Province. It is important to remember that the cost of living has also increased leaving our inflation rate higher than expected. At some point the increase in inflation has to spur a change in the bank of Canada rates. The threat of recession will at some point pale to inflation. 

Having said all of the above, good homes, well priced are continuing to sell in record time at a great price. Even the seasonal slowdown has not hit the prime areas. We will see what next month brings to the North shore and surrounding areas.