Vancouver condo prices forecast to reach $349,409 in 2010

    No correction forecast: Genworth condo report

    VANCOUVER, Jan. 30 /CNW/ - Strong demand will drive steady price
increases in the Vancouver condo market through the rest of the decade,
according to new data released today by Genworth Financial Canada, a
subsidiary of Genworth Financial, Inc. (NYSE:  GNW). Genworth's Metropolitan
Condominium Outlook report forecasts Vancouver condo price growth to remain
steady through to the end of the decade.
    The data compiled in the Metropolitan Condominium Outlook by Genworth
shows that over the next four years, Vancouver condo demand is expected to
slow to balance with supply, although a correction is not expected. After
seeing price growth averaging 17.1 per cent in 2006, Vancouver condos will
rise about 6.2 per cent this year and average 4.4 per cent annual growth
through 2010.
    "In 2006, Vancouver's condo market remained as strong as ever and the
good news is that growth is forecast to continue without a price correction,
so it is still a smart time for buyers to realize the dream of homeownership,"
said Peter Vukanovich, president Genworth Financial Canada.
    The Metropolitan Condominium Outlook reviewed resale condo markets in
Montreal, Ottawa, Toronto, Calgary, Edmonton and Vancouver based on data from
the Conference Board of Canada. New condo prices were not included. The good
news is that there is no end in sight to the current cycle of strong demand.
This will allow condominium price growth to stay in positive territory across
all six markets. Vancouver condo prices will continue to lead the nation,
followed by booming Calgary and steady growth in Toronto.

    City         Average     Average     Average
                 Condo       Price       Price
                 Price       In 2007     In 2010
                 In 2006    (forecast)  (forecast)
    Montreal     $169,899    $177,015    $200,063
    Ottawa       $177,267    $184,772    $206,587
    Toronto      $239,816    $247,303    $280,175
    Calgary      $262,456    $294,681    $335,885
    Edmonton     $180,367    $213,352    $240,875
    Vancouver    $289,344    $307,305    $349,409
    Sources: The Conference Board of Canada; Canada Mortgage and Housing
    Corporation; Canadian Real Estate Association. Note: For Montreal,
    Ottawa, Toronto and Vancouver, resale apartments classified as condos
    were included; for Calgary and Edmonton, data includes condos that are
    single-detached units, semi-detached units, townhouse/row units, and
    apartments that are classified as condos.

    The full Metropolitan Condominium Outlook including information on other
major cities and detailed analysis of the Canadian markets is available at

    About Genworth Financial Canada:

    Genworth Financial Canada, The Homeownership Company, works with lenders,
mortgage brokers, real estate agents and builders to make homeownership more
affordable and accessible throughout Canada. The company combines global
experience in mortgage insurance with technological and service leadership to
deliver innovation to the mortgage marketplace. Additional information about
Genworth Financial Canada is available at or through mortgage

    About Genworth Financial

    Genworth is a leading insurance holding company, serving the lifestyle
protection, retirement income, investment and mortgage insurance needs of more
than 15 million customers, and has operations in 24 countries. For more
information, visit

For further information:

For further information: or to arrange interviews: Anita DiPaolo-Booth,
(905) 287-5394 (office), (416) 570-9982 (cell),

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