The Greater Vancouver housing market gained further momentum inJuly with record sales levels and a continued strengthening of home prices.The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales inGreater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the RE-BGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceededthe 4,000 mark.
Since the beginning of the year, the MLSLink® Housing Price Index (HPI) benchmark price for all residentialproperties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home pricescompared to July 2008 levels are down 5 per cent."Home sales this summer are seasonally higher than normal, which is due in large part to the price correctionthat has taken place in the last year and low interest rates," Scott Russell, REBGV president said. "Although well-priced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver,recent activity from first-time buyers is beginning to boost demand in the "move-up" segment of the market."New listings for detached, attached and apartment properties declined in Greater Vancouver, down 17.4 per centto 5,041 in July 2009 compared to July 2008, when 6,104 new units were listed. At 12,482, the total number ofproperty listings on the Multiple Listing Service® (MLS®) declined 5.8 per cent compared to last month and 34per cent compared to July 2008."It is currently taking, on average, 48 days for a home to sell in the region. Today’s market activity differs byarea and property type and it’s important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving," Russell said.July 2009 home sales declined 3.4 per cent compared to June 2009, but are up 89.2 per cent when measuredagainst the 2,174 sales recorded in July 2008.
Sales of detached properties in July increased 95.2 per cent to 1,614 from the 827 detached sales recorded during the same period in 2008. The HPI benchmark price for detached properties declined 5.5 per cent from July2008 to $711,702. Since the beginning of the year, the benchmark price for detached properties in Greater Vancouver has increased 9.8 per cent.Sales of apartment properties in July 2009 increased 76.8 per cent to 1,708, compared to 966 sales in July 2008.The benchmark price of an apartment property declined 4.3 per cent from July 2008 to $365,291. Since the beginning of the year, the benchmark price for apartment properties in Greater Vancouver has increased 9.6 per cent.
Attached property sales in July 2009 are up 107.9 per cent to792, compared with the 381 sales in July 2008.The benchmark price of an attached unit decreased 4.6 per cent between July 2008 and 2009 to $452,085.Since the beginning of the year, the benchmark price for attached properties in Greater Vancouver has increased 6.8 per cent.