The number of home sales in Greater Vancouver increased significantly last month compared to August 2008 and moved closer in line with the active summer months experienced between 2003 and 2007.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totaled 3,441 in August 2009 increasing 119.5% from August 2008 and 1.7% from August 2007. Since the beginning of the year, the MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 11.4%.

However, home prices compared to August 2008 levels are down 1.1 per cent. At the same time new MLS? listings for residential properties increased 4.9% from August 2008. However, total active listings are down 33% compared to August 2008.

The return of confidence to our market has brought a high volume of home sales over the last few months and has also made determining home prices a little more challenging," said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).

"The number of residential home sales this summer has been comparable to activity seen in the five years preceding 2008. While that's great news, from the variations in activity we're seeing across areas I'd say the market is still trying to find its own balance."

Click on the graph to see it in full size

You can also download the whole August 2009 REBGV statistics.