High sales levels spur rise in home values

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totaled 3,704 in October 2009, an increase of 4.1% from the 3,559 sales recorded in September 2009 and an increase of 171.6% compared to October 2008 when 1,364 sales were recorded. Looking back two years, last month’s sales increased 22.3% compared to October 2007 when 3,028 sales were recorded.

Since October 2008, the MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 6.8%.

New MLS® listings for residential properties decreased 13.4% from September 2009 but did increase 2.3% compared to October 2008. However, total active listings at 12,084 are down 37% compared to October 2008.

While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008," said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).

"We’re coming off several months of unseasonably high sales levels, which has allowed for a gradual increase in home values this year. High confidence and low mortgage rates are continuing to drive the activity we’re seeing in the housing market today."

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You can also download the whole October 2009 REBGV statistics.