Housing market warming up
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Updated: August 05, 2009 4:15 PM
The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.
The Real Estate Board of Greater Vancouver reports that the number of residential property sales in Greater Vancouver totalled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.
In New West, the notable jump was for apartment sales, which were up 70.6 per cent (116 units sold from 68) over the same month last year.
Since the beginning of the year, the MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211. However, home prices compared to July 2008 levels are down 5 per cent.
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