Vancouver real estate rebounds in 2009
Last Updated: Tuesday, January 5, 2010 | 5:23 PM PT
The Canadian Press
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Vancouver-area real estate values rebounded sharply in 2009. (CBC)The Vancouver housing market showed a sharp rebound in 2009 after starting the year with near record low sales.
More than 35,600 homes were sold – a 44.8-per-cent jump from 2008, but a 6.3 per cent dip from 2007, the Real Estate Board of Greater Vancouver said in a news release Tuesday.
Low interest rates and a recovering economy helped push home sales near or past monthly records in the last part of 2009, board president Scott Russell said.
"December's home sales rank as the third highest selling December in the 90-year history of our organization," said Russell.
Residential property sales in Greater Vancouver totalled 2,515 in December 2009, an increase of 172.2 per cent from the 924 sales recorded in December 2008.. A shrinking inventory helped boost residential prices.
The number of homes listed for sale fell in Metro Vancouver for eight of the last nine months, pushing up prices, which have risen more than 16 per cent since 2008, said Russell.
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