Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market.

Residential property sales in Greater Vancouver totaled 1,923 in January 2010, an increase of 152.4% from the 762 sales recorded in January 2009 and an 23.5% decline compared to December 2009 when 2,515 sales were recorded.

The MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 17.2% to $573,241 in January 2010 from $489,007 in January 2009. This price is 0.8% above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

New MLS? listings for detached, attached and apartment properties in Greater Vancouver totaled 5,147 in January 2010. An increase of 39.1% from January 2009 when 3,700 new units were listed and an increase of 139.1% compared to December 2009 when 2,153 properties were listed. Total active listings at 10,218 are up 14% compared to December 2009 and have declined 26% from January 2009.

"Although home prices in the region have largely returned to their previous peaks, we still see a significant number of first-time and move-up buyers in the market, thanks to low interest rates and the diverse range of properties available today " said Jake Moldowan, president-elect of the Real Estate Board of Greater Vancouver (REBGV). "There is also closer alignment between supply and demand in today's housing market. At 18%, the sales-to-active listings ratio in January is approximately 10% lower than we've seen in our market over the last six months. "

Moldowan also commented that "looking ahead, it's difficult to know exactly what the Olympic effect will be on our market in February, although I think it's fair to say it should be a quieter period for home buyers and sellers and so, in fact, may be a good time for motivated buyers to search for properties."

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You can also download the whole January 2010 REBGV statistics.