More Positive Vancouver Real Estate Market News

There is more positive news on the Vancouver real estate market - this time from the Greater Vancouver Real Estate Board. According to recent sales statistics, an increase in buyer activity over the last four months has lessened the downward pressure on housing prices. 

The REBGV reports that the number of residential property sales in Vancouver totalled 3,524 in May 2009, an increase of 17.4% from May 2008. It also represents an increase of 18.9% compared to last month. 

Since the beginning of the year, the MLSLink® Housing Price Index benchmark price for all residential properties in Vancouver increased 4.5% to $506,201 from $484,211. 

New listings for detached, attached and apartment properties declined in Vancouver, down 36% to 4,733 in May 2009 compared to May 2008, when 7,390 new units were listed. Sales were as follows:

• detached properties increased 16.5%t to 1,402 from the 1,203 detached sales recorded during the same period in 2008; 

• condominiums in May 2009 increased 17.2% to 1,458, compared to 1,244 sales in May 2008; and  

• attached properties in May 2009 were up 19.6%t to 664, compared with the 555 sales in May 2008. 

Bright spots were Vancouver West up 59.5% (193 units sold from 121) for detached homes; up 54.5% for attached homes; and up 25.4% for condominiums.