Building permits way up in Vancouver

This just in: Canada-wide building permits are up but Vancouver seems to be the only bright spot for housing starts in BC. This explains why every block in this city seems to have several construction projects underway. Developers are clearly not anticipating any slowdown in the Vancouver market for new homes.

Metro Vancouver – Property Sales Numbers Down but Prices Rise in November

According to a recent story in the Vancouver Sun, the number of Metro Vancouver residential sales in November 2010 has declined 21% from November 2009. Prices in the same period have risen 12.3% from an average of $623,000 to $699,000. See the full report from the BCREA (British Columbia Real Estate Association) here (PDF).

Low mortgage rates have contributed to keeping the market strong and to rising prices. We are still seeing many aggressively priced properties sell for over their asking price in multiple offer situations. Overall it seems there are few signs of desperate sellers and an approaching market correction. Time will tell of course.