I recently read an Vancouver Sun article that proclaimed an area of Langley as the Lower Mainland's hottest real-estate neighbourhood, the article went on to claim an average price increase of 12% (April 2009 vs. April 2008). Those are astounding numbers, particularly in this market.
A closer look at the actual sales statistics for the area reveals that apartment, townhouse & house prices all declined 9-10% during the same time period. So what gives?
In April of this year five homes with acreage sold for an average price above $850,000, in 2008 no homes with acreage sold. With a sample size of 59 sales these higher priced sales had a significant impact on the average selling price for the area.
When you are buying or selling it is important that you have all the facts.
Paul Penner
RE/MAX Little Oak Realty
Abbotsford, BC
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