Jan 2010 13

Slow start, strong finish for housing market in 2009

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After beginning the year at near record low sales levels, buyers' confidence in the Greater Vancouver housing market quickly returned, allowing for significant and sustained increases in the number of residential property sales for much of 2009.

The Real Estate Board of Greater Vancouver (REBGV) reports that the total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8% increase from the 24,626 unit sales recorded in 2008, but a 6.3% decline from the 38,050 residential sales in 2007.

Residential property sales in Greater Vancouver totaled 2,515 in December 2009, an increase of 172.2% from the 924 sales recorded in December 2008 and an 18.4% decline compared to November 2009 when 3,083 sales were recorded.

The MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 16.2% to $562,463 between December 2008 and December 2009.

New MLS? listings for residential properties totaled 2,153 in December 2009. An increase of 38.9.6% from December 2008 when 1,550 new units were listed and a decline of 41.1% compared to November 2009 when 3,653 properties were listed. However, total active listings at 8,939 are down 41% compared to December 2008 and a decrease of 19% from November 2009.

"Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009" said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV). "Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month's home sales rank as the third highest selling December in the 90-year history of our organization."

Russell also commented that "the number of homes listed for sale on our MLS? has been in decline for eight of the last nine months, which results in upward pressure on home prices and less selection for buyers to choose from."

2009 December REBGV Stats Click on the graph to see it in full size

You can also download the whole December 2009 REBGV statistics.

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