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Vancouver home prices flatten. Finally.

Photo courtesy of Wikimedia Commons.

It's the kind of news that's a mixed blessing for anyone home shopping in Vancouver.

After nine straight months of increases in home prices across Canada, the numbers plateaued in September, according to figures released Thursday by the Teranet National Bank House Price Index.
The national composite of the 11-city index remained unchanged from August. 

It's good news, of course, if you need a home and the prices aren't going up. But it also complicates a decision about buying: if the trend were to continue, for example, given the dark international economic outlook, then it would be tougher to decide to dump your life savings into an asset that may be falling in value.
The index showed that in Vancouver, a steady 11-month upswing in house prices -- the longest streak of the 11 markets covered by the index -- came to an end in September.
Still, although Vancouver prices remained unchanged, they are still 10.4 per cent higher than they were a year ago.

Edmonton was the only city where prices slid year-over-year in September; they were down 0.7 per cent from 12 months ago, and down 0.3 per cent from August.

Winnipeg saw the biggest bump in September, up 0.6 per cent from August and 8.1 per cdent on the year.

The index covers Vancouver, Calgary, Halifax, Montreal, Ottawa-Gatineau, Toronto, Edmonton, Hamilton, Quebec, Victoria and Winnipeg.


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