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Real estate in southwestern B.C. continued to bounce back in February from 2009's lows. (CBC)The frenzy of the Winter Olympics did not appear to be any distraction for southwestern B.C. homebuyers intent on signing real estate deals during February.
The Real Estate Board of Greater Vancouver reports that residential property sales in Greater Vancouver totalled 2,473 in February 2010, an increase of 67.1 per cent compared to February 2009.
Sales increased by 28.6 per cent compared to the 1,923 sales recorded in January 2010. Although sales shot up sharply last month, they still did not match February sales from years past. Sales for the month in 2009 were 7.6 per cent below those in February 2008 and were 13.5 per cent behind those in February 2007.
Home prices also were up last month. Compared to February 2009, the real estate board's benchmark price increased 19.7 per cent to $581,911 from $486,054. This price is 2.4 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
The benchmark price is not a median or average price, but is a complex calculation that the real estate board says more accurately reflects market conditions.
"We don't know at this point what long-term impact the Olympics will have on our housing market," said board president Scott Russell. "But we do know that activity in our market remained steady through all of the excitement and distraction of the last few weeks." New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,606 in February 2010. This represents a 17.6 per cent increase compared to February 2009 and a 10.5 per cent decrease compared to January 2010.
At 11,346, the total number of property listings on the Multiple Listings Service increased 11 per cent in February compared to last month and declined 21 per cent from this time last year.
The Real Estate Board of Greater Vancouver records the activity of realtors in the area from Whistler to Tsawwassen and east as far as Maple Ridge.
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