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Low interest rates keep local housing prices inflated

VANCOUVER (NEWS1130) – An industry report says Vancouver house prices are being kept at stratospheric levels by buyers from China, limited supply and low interest rates.

The latest survey from Royal LePage says standard two-storey homes and detached bungalows in Vancouver sold for nearly three times the average national price in the first quarter of the year.

The brokerage says two-storey houses rose 9.7 per cent from one year earlier to just under $1.1 million while bungalow prices gained 8.2 per cent to $980,000.

Condos increased by 7.8 per cent selling for an average price of $507,000.  The averages are based on Vancouver, North Vancouver and West Vancouver.