The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential housing sales in Greater Vancouver increased 75.6% in June 2009 compared to June 2008. The total for June 2009 was 4,259 just short of the record-breaking 4,333 sales that occurred in June 2005.
However, residential benchmark home prices as calculated by the MLSLink Housing Price Index, declined 8.2% in June 2009 as compared to June 2008. At the same time new MLS? listings for residential properties increased 13.5% from May to June of this year.
Price reductions and low interest rates have created an improvement in affordability, which is causing the number of sales to rise to levels comparable to 2003 to 2007," said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).
"Many people who were reluctant to purchase a home last fall and earlier this year are returning to the market because they see conditions that appeal to their personal and financial needs?." Russell said.
You can also download the whole June 2009 REBGV statistics.