Average Price of a Home in Metro Vancouver is Approaching $663,000

The prices in Metro Vancouver have climbed over the pre-recession levels in February fulled by low mortgage interest rates.

February average price of a home was $662,741 that is well above $624,639 peak price reported in May 2008.

With the new insured mortgage rules coming into effect and rising mortgage rates in the near future we will see a slow down in sales as some buyers will be forced out of the market. This will in turn slow down the price growth before the prices level off as mortgage rates return to “normal” and economy stabilizes.

More on Vancouver prices and sales from Vancouver Sun