The lastest Housing Price Index has been released by the Real Estate Board of Greater Vancouver:

The prices of Detached homes have seen a marked increase over the past year, as compared to stable prices in the townhouse and condominium sectors.  This is due to a high demand from offshore buyers, who are choosing larger, high end homes, and larger building lots, in proximity to the Westside's best schools.  In relationship to the Westside, prices of detached homes in Richmond have increased by 22.6% over the past year. 

Although listing counts remain low in all 3 categories, there are currently only 419 detached homes available for sale on the Westside.  Homes are sold quickly, and multiple offers are emerging once again.  With the recent changes in mortgage rules and the threat of rising interest rates, we are starting to see more activity in the bottom end of the market, which was stagnant for the past 6 months.  There is a definite change in the mood of buyers from apathy to action.