Vancouver house prices to hit $4.4 million

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A credit union in Vancouver is warning that the city’s detached family homes will cost an average of $4.4 million by 2030 is current trends continue. Vancity says that the current average of $1.9 million for a new or existing detached home will more than double in the next 15 years if left unchecked. Although industry experts say that the projection is fantastical and theoretical Vancity says it is meant to sound the alarm on escalating prices. The Globe and Mail reports that the credit union’s figures show that in the decade from 2005 the average selling price of single-family homes increased 173 per cent. Darcy McLeod from the Real Estate Board of Greater Vancouver says that a combination of low mortgage rates, limited land base and migration to the province from overseas and elsewhere in Canada are all contributing to the rising prices. Read the full story.

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