From “The It’s Different This Time” Desk: Avg Vancouver Home Price Hits $1m

The average price of a Vancouver BC home – always an expensive place – has now hit $1-million. One million dollars. Average.

People are in full panic, right? Talk of an imminent meltdown? Street corner displays showing real estate busts of days gone by, like … 2008?

Nah. It’s okay, say local realtors and the like. Because of the economic rebound. And the Olympics. And the warm winter there. Vancouver is different.

The soaring prices have local realtors like Paul Eviston feeling good.

"If you look at our market in the last 12 months, (it’s) probably the hottest real estate market in the world," he said.

Local housing prices jumped 23 per cent in March compared to a year earlier, according to the city’s real estate board. The recovery means housing prices in Vancouver are now 3 per cent higher than they were before the recession hit.

It’s the market’s strongest rebound in 40 years, Muir said.

More here.