In a recent article released by the Fraser Valley Real Estate Board, The Vancouver housing market has "staged a spectacular comeback"
At least that's what the Royal Bank is reporting in their September 2009 issue of RBC's Housing Trends and Affordability report. It cites Vancouver's summer resale activity as "one of the most spectacular comebacks in Canadian real estate history."
The downside according to RBC is that the "restorative phase" of improving affordability is now slowing down because mortgage rates and price reductions "appear to have reached turning points."
RBC says that although Vancouver is still expensive (both historically and relative to other cities in Canada), the significant drop in house prices since spring of 2008 was sufficient enough to re-energize the market. "The earlier huge market slack appears to have now vaporized and prices are moving up again."
This article is a reprint of a September 16 article by the Fraser Valley Real Estate Board