Vancouver prices up 8-10.2% on year but down 1.8-3.4% from last quarter

Detached Bungalows Average Price
Q3 2009 : 802,500

Q2 2010 : 905,000

Q3 2010 : 873,500
down 3.4% on the quarter

Standard Two-Story Average Price

Q3 2009 : 904,750

Q2 2010 : 995,250

Q3 2010 : 977,250

down 1.8% on the quarter

Canadian House Prices Record ‘Normal’ Year-Over-Year Growth According to Royal LePage House Price Survey

Interest rates continue to draw buyers in Vancouver where year-over-year prices increased between 8.0 and 10.2 per cent. Standard two-storey Vancouver homes rose to an average price of $977,250. 

. . . the third quarter was slightly stronger than anticipated, on new demand fuelled by improved affordability in many regions,”

Affordability, in a market of entirely variable rate loans, is a chimera. One that is going to bite you on the BEhind later.

“House price growth now sits just below the long term annual average of approximately five per cent, but once this is adjusted for inflation, which is very low and expected to continue to be that way for some time, appreciation is right on track.

And if you can hold growth at zero for a decade, you might land back at a reasonable income to price ratio.

Prices are down quarter to quarter. Beginning of the bubble bursting or a one time drop caused by tax uncertainty?