Vancouver home prices rising after record breaking July
Greater Vancouver's housing market continued to gain strength and momentum in July with record sales and continued strengthening of home prices. The Real Estate Board of Greater Vancouver (REBGV) reported the number of residential property sales in Greater Vancouver in July 2009 were the highest number of sales ever recorded for that month. Since the beginning of the year the MLSLink Housing Price Index (HPI) benchmark price for all residential homes In Greater Vancouver has increased 9.2 percent.
In Vancouver West detached home listings in July increased 0.4percent, attached home listings decreased 25.2 percent and apartment (condo) listings decreased 3.1 percent when compared to June. The total number of property listings on Multiple Listing Service (MLS) decreased 5.8 percent over last month.
Sales in Vancouver West for July decreased 10 percent for detached homes, 13.9 percent for attached homes, and 6.9 percent for apartments when compared to June.
Benchmark prices in Vancouver West, like most of Greater Vancouver, continue to increase in July. Detached properties increased from $1,320,249 to $1,340,352, attached properties from $664,473 to $699,385, and apartments from $458,091 to $469,550.
Well priced listings and lower to mid-range priced homes remain in the highest demand. Activity from first time home Buyers from in recent months continues to boost demand in the "move up" segment of the market so we are seeing more activity in higher priced homes than previously.
Currently demand by home Buyers remains high as those who pre- qualified for a mortgage in early summer with low fixed interest rates look to purchase before their rates expire.
As long as the total number of property listings on MLS and new listings continue to decline, and demand remains high, home prices will continue to experience upwards pressure.
For more information on buying or seling a home in Vancouver contact Dean Wegman of Royal LePage Westside by emailing dean@deanwegman.com
