Regions average new home price predicted to hit $700,000 in 2008.
2007 Newsclip “The Vancouver Sun”
Housing
Genworth Financial Canada also says pace of increases will slow.
By Michael Kane
The average price of new housing, whether single detached or multi-family, will cross the $700,000 threshold next year in Greater Vancouver, and the following year for the rest of British Columbia, a study shows.
By 2011, new housing in the Vancouver region will be nudging $800,000 on average. Across B.C. it is expected to top $760,000.
However, that still spells relief from red-hot pace of price increases over the past three years, according the Genworth Financial Canada, a mortgage insurance company.
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