Both sources are respectable, and their data accurate. But different methodology has led to a discrepancy between the figures. So where does the Canadian housing market stand?

Economists and those in the real estate industry believe conditions fall somewhere in the middle.

The price of a Canadian home was down 6.7% in April from a year earlier, the relatively new Teranet–National Bank House Price Index showed Wednesday. It was the fifth consecutive month of yearly decrease and caused the index to be down 8.9% from its peak in August. Home prices in Vancouver were down 10.9% from April last year, while prices dropped 9.8% in Calgary and 7.6% in Toronto. On a positive note, prices were up 2.4% in Montreal, 0.6% in Ottawa and 0.2% in Halifax.

But the data are in strong contrast to Multiple Listing Service figures released by the Canadian Real Estate Association on Monday last week.

The MLS figures showed the average national home price for May was up a robust 16.4% from January, setting a record high of $319,757.

Other indicators have thrown a few spanners in the works. The Organization for Economic Cooperation and Development said Wednesday Canadian house prices fell 11% in the first quarter, while Statistics Canada's index on new home prices, released at the beginning of the month, showed prices in April had fallen 3.2% since hitting a record high in September 2008.

With the economy in recession and unemployment increasing, Millan Mulraine, an economics strategist at TD Securities, said it was hard to justify a rise in house prices, as suggested by the CREA survey. But he was not convinced prices had fallen as sharply as the Teranet-National Bank survey had found.

"I would suspect that somewhere in between is the true state. If anything, I think it would be more on the negative side," Mr. Mulraine said. He said the discrepancy between the two sources was likely due to sampling and methodology differences.

The Teranet-National Bank figure is calculated by using the sale prices of homes that have been sold at least once before, a method designed to smooth volatility in the reading. The CREA figure is the average sale price of all homes sold through the MLS. The figure can be skewed by the mix of homes that were sold with the location, size and type of home all impacting price.

"You can't argue with the accuracy of the number, but you can argue that the number misrepresents what's happening in the marketplace if something out of the ordinary is happening," said Phil Soper, the president and chief executive of Royal LePage Real Estate Services Ltd.

He said home prices had not changed much since January, but seasonal factors skewed the data when comparing it on a monthly basis. For instance, many of the homes sold over the winter were distressed sales as a result of the recession, which artificially lowered the average house price compared with the return to normalized activity over spring and summer. Compared with a year ago, the CREA data showed the average house price was largely flat.

Paul Ferley, an economist at RBC Capital Markets said housing start activity continued to suggest weakness in the market. However, he said the market was close to a trough and poised for improvement.

We thank the city of Vancovuer for these links:

Visitors to Vancouver

Surrounded by water on three sides and nestled alongside the Coast Mountain Range, Vancouver is the largest city in the province of British Columbia with over half a million residents and one of the mildest climates in Canada. Home to spectacular natural scenery and a bustling metropolitan core, Vancouver will be home to the Olympic and Paralympic Winter Games in 2010. Whether just relaxing in a park or bike riding around the seawall, there is always something to do in Vancouver.

Below are some links we have compiled to help you with your trip to Vancouver. You can also visit Tourism Vancouver , the official source for information and services focused on visitors. You'll find maps, travel guides, accommodation listings, and a comprehensive directory of Vancouver attractions and sightseeing ideas.

Want to know what visitors are saying about Vancouver? Visit the Tourism Vancouver blog
Inside Vancouver.

What are some of the things I can see and do?

parks & gardens l beaches l recreational activities l city events l civic theatres l public art l
Museum of Vancouver l Vancouver Art Gallery l Vancouver Maritime Museum l Science World
H.R. MacMillan Space Centre l PNE

How can I get around Vancouver?

cycling l walking l maps l roadwork l parking regulations l public transit l anchoring permit

Central Valley Greenway

The Central Valley Greenway is a 24-kilomtre pathway for cycling, jogging, walking, wheelchairs, skateboarding and blading - it's a major transportation and recreation project that is critical to the healthy future of the region. It will link to multiple destinations, communities, and workplaces in the Lower Mainland, will become a focal point for communities needing green space and will provide a model for future greenway projects.

Together with the BC Parkway the route forms the spine of Metro Vancouver’s cycling network and roughly parallels the Millennium SkyTrain Line through the Burnaby portion of the trail.

The Route
The Central Valley Greenway varies greatly throughout the length of its route. In some sections it is fully constructed as a separated urban greenway or a rural recreational trail. In other sections the route runs parallel to a railway corridor or the edge of an industrial roadway. 

Most sections of the trail are suitable for all kind of walking and wheeling (pedestrians, commuter and recreational cyclists, wheelchair users, in-line skating, skateboarding etc.).  The exception is in Burnaby where there are some compacted gravel paths less suitable for in-line skating. Note that some sections of the Greenway are composed of interim routes that will be upgraded in the future.

If you plan to bike along the Greenway to the SkyTrain, please see the guidelines for bikes on SkyTrain.

Take a no-sweat tour of the Central Valley Greenway! Click here…

The Greenway is a partnership between the Government of Canada, the Government of British Columbia, TransLink, Metro Vancouver, the City of Vancouver, the City of Burnaby and the City of New Westminster.

June 2, 2009

SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) posted its highest sales volume in a year in May, processing 1,501 sales, the fourth consecutive monthly increase this year.

Although that number is still six per cent less compared to the 1,599 sales processed in May of 2008, Board President Paul Penner says it’s a significant improvement compared to where the market was a few months ago.

“We’re the closest we’ve been to a balanced market since early spring last year. Sales have increased, inventory has dropped and prices are stabilizing.”

Penner says the market remains competitive. “REALTORS® are seeing an increase in multiple-offer situations, but only on properties that are priced right and at the more affordable end of the market.

“With 10,000 active listings in the Fraser Valley, there is plenty of selection. REALTORS® continue to advise clients to be realistic with pricing, both on the listing and buying side.” The Fraser Valley Board’s MLS® showed 10,047 active listings at the end of May, a decrease of 10 per cent compared to the 11,132 listings available in May of last year. It received 29 per cent fewer new listings in May, 2,797 compared to the 3,941 new listings it received during the same month last year.

Year-over-year decreases in residential benchmark prices continued to moderate in May. The benchmark price measures the value of a ‘typical’ Fraser Valley home as determined by the MLSLink® Housing Price Index (HPI). The HPI benchmark price of a detached home in May was $465,939, a decrease of 9.3 per Hcent compared to May 2008 when it was $513,798 and a 1.2 per cent increase compared to April 2009 when it was $460,229.

The HPI benchmark price of Fraser Valley townhouses decreased 11.2 per cent from $335,991 in May 2008 to $298,308 in May 2009 and a 1.1 per cent increase compared to April 2009 when it was $295,078. The benchmark price of apartments also decreased year-over-year by 9.6 per cent going from $256,887 in May of last year to $232,170 in May 2009 and a 0.8 per cent increase compared to April 2009 when it was $230,337.

Increased demand steadies housing market in Greater Vancouver