Fri Feb 14, 2014 10:43am PST
Don't expect the elimination of the immigrant investor program in the latest federal budget to have much of an effect on Greater Vancouver's soaring real estate market.
In a report released February 14 by the B.C. Real Estate Association, residential sales in the region climbed 31.3% from 1,374 in January 2013 to 1,804 last month.
In dollar figures, this represents a year-over-year jump of 42.5% from about $1.03 billion to about $1.47 billion.
The report went on to state the axing of the immigrant investor program won't cool the market down too much, if at all.
"The only impact we foresee is less pressure on the inventory of detached homes in Vancouver's West Side, Richmond and West Vancouver," BCREA chief economist Cameron Muir said in the report.
The new numbers also show the price of an average home in Greater Vancouver grew 8.5% in January 2014 compared with the same period a year ago.
The average price for a home sat at $748,651 in January 2013, rising to $812,536 last month.
New data from the Teranet–National Bank Composite House Price Index revealed on February 12 that house prices in Vancouver reached a record high in January.