A flurry of activity from first-time home buyers, low interest rates, and a correction in prices made July a record month for real-estate sales in the Greater Vancouver area.
The Real Estate Board of Greater Vancouver (REBGV) said the number of residential property sales in the region reached 4,114 in July 2009, an increase of 89 per cent from the same month last year.
Since the beginning of the year, benchmark price for all residential properties in Greater Vancouver has increased 9.2 per cent to $528,821 from $484,211.
However, home prices are still down 5 per cent compared to July 2008 levels.
"Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates," Scott Russell, REBGV president said.
See related links: Monthly statistical reports
"Although well-priced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the "move-up" segment of the market."
First-time buyers tend to focus on condominiums, which tends to spark buying in other market segments, including townhouses and detached houses.
REBGV tracks prices and buying in a region stretching from South Delta to Whistler.
