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Vancouver home prices up again, after moderate decline

By Michael Mui, 24 Hours Vancouver

Prices for Vancouver homes rose again in the first months of 2012 following a half-year of "marginal" decline, according to a new report from Royal Bank of Canada Tuesday.

The biggest increase was a 3.1% rise in detached bungalow prices, now averaging at $832,600 each in Vancouver. For two-storey homes and condos, prices average at $865,500 and $410,800, respectively.

"British Columbia, and more specifically the Vancouver-area market, firmly remains at the weaker end of the affordability spectrum," said Robert Hogue RBC economist.

"We expect that the Vancouver-area housing market will remain under pressure in the period ahead."