Metro Vancouver home prices have skyrocketed 128 percent during the past decade, prompting more potential home buyers to seek affordable homes outside the city.

According to a recent British Columbia Real Estate Association report, housing demand in Vancouver decreased in October, but many suburban neighborhoods encountered significant increases.

As a whole, British Columbia residential unit sales rose 6.5 percent in October from the same month last year, while the average price jumped to $535,695, a 2.6 percent spike year-over-year, the report said.

"BC home sales rose three percent in October compared to September on a seasonally adjusted basis," said Cameron Muir, BCREA chief economist. "Total active residential listings in the province declined by 3,360 units in October from September. However, active listings were up 6.9 per cent from October 2010. Market conditions remained slightly in favour of home buyers last month."

According to the Vancouver Sun, some experts believe housing prices in Vancouver will stop rising in 2012, although they aren't expected to crash. Many economic professionals project the Canadian housing market to remain stable next year, as mortgage rates should remain low but global economic uncertainty and rising household debt may limit the market's growth.

Last changed: Nov 18 2011 at 10:30 AM