June was a scorcher for local real estate
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Updated: July 03, 2009 1:02 PM
Low interest rates and declining house prices combined to fuel a red-hot June for the regional real estate market.
In fact, sales for June of 2009 were exceeded by only one other June on record, back in 2005.
"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," said Scott Russell, president of the Real Estate Board of Greater Vancouver.
Richmond was no exception, experiencing a sizable jump in the number of houses, townhomes and condos sold in June compared to the same month last year.
While the median selling price of Richmond properties has yet to return to last year's levels, the sales volume for houses was up 77 per cent, townhomes was up 84 per cent, and condos was up more than 54 per cent last month compared to a year earlier.
In June of 2008, the median selling price of a local house was $749,400, with that number back up to $688,000 following the strong sales last month after a steady, months-long decline in local real estate prices in the wake of the global recession.
The median selling price of a local townhouse last month was $432,000, and for apartments, it was $298,000.
—Martin van den Hemel
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