Still cheap compared to the rest of the province.

You can't build for as cheap as you can buy for most homes under $250,000.

It's cheaper to rent than to buy at these current prices. Has anyone calculated how many extra years they will be paying for their home since the meteoric rise in prices since 2002? Or how much extra interest they will be paying on the extra $100,000 they are paying?

Let's face it, there are only two times anything has a value, the day you purchase it and the day you sell it.

The other factor that will determine how soon you either make money or lose money will be determined by the price you pay when you purchase that home.

It's no surprise that when there is a buying frenzy, prices will rocket which will continue the buying frenzy.

The end result is setting yourself up for a financial loss or setback. Why does the majority buy into such nonsense? Chester

I think the houses constructed in the last 5 years or so are typically larger than houses which fall into the pre-owned category of say 20+ years of age.

The current average standard includes a double garage, two storeys, basement, and multi-peaked roofs and a finished area of at least 1,500 sf.

In the 1980's the average standard was the "Richmond Special" - no basement, single car garage tucked into the first floor with a stair leading up to the main living level of about 1,200 sf. Single hip roof.

In the late 1960's through to the 1970's the average standard was the "College Heights Special" - unfinished daylight basement, split entry, hovering just over 1,000sf finished area with a single hip roof. There may have been a carport, although smaller versions were common without, as well as with two bedrooms up, with the idea that the basement would be finished with rec room and another bedroom or two + bathroom(s).

These days lots go for around $70,000. The total package is in the $275,000 to $300,000 range.

30 years ago lots went on the auction block with competitive bidding selling for either side of $10,000. $30,000 of construction on that and the house sold in the $45,000+ range.

That same basic 1,000SF house with carport could probably be built today for about $100,000. With a $70,000 lot, the selling price should be in the $180,000 to $190,000 range.

It is just that at the moment, no one wants a "College Heights Special" anywmore. Otherwise new houses would not be as expensive as they are.

Now, let's talk about today's expectation of what a family car is as opposed to 30+ years ago ... :-)

You can find me in a cardboard box under the bridge until the price drops. ;-) I think its cheeper to build.

Seems odd that you sell less homes and yet the price continues to rise. Less people selling, could that change with the new two shift policy at the saw mills?

Chester has a good point, but that's only if you can find a place to live.

The house I'm renting (at about $250 per month below market price) is being sold now because of the value increase. This has happend all over the city. There is simply no selection or even availabiltiy for a family of five (three teenagers) like us.

It's a good time to rent if you can find a place to rent.