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A worker helps finish the presentation centre for the $80-million District condo in Vancouver. (CBC)The hurried construction of a presentation centre for an $80-million condominium is seen by experts as another sign that Vancouver's real estate market is bouncing back from the recession.
Amacon's 250-unit District condo, to be located in the city's South Main neighbourhood, is one of several projects gearing up again.
"These are prudent developers who have been planning to bring their projects back when the market fundamentals are realigned and they have," Cameron McNeill, CEO of MAC Marketing, said Thursday.
Robyn Adamache, a market analyst with the Canada Mortgage and Housing Corporation (CMHC), said the prices of Vancouver homes are recovering quickly.
"Prices are only three per cent lower than the peak that we saw in 2008," she said.
The CHMC is projecting 22,000 B.C. housing starts in 2010, compared to the 16,250 forecast for 2009, and the 34,321 recorded in 2008.
The city's free weekly newspaper The Georgia Straight reported it had received more advertising inquiries from developers in the last two weeks than the rest of the year.
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