(Source: The Vancouver Sun)
Working people ‘cashing in on low mortgage rates’
The decline of Lower Mainland real estate markets, which started with falling sales more than a year ago and saw prices drop as the global recession developed, levelled out in May.
Metro Vancouver recorded its best year-over-year sales increase in May since February 2008 with 3,524 sales reported through the Multiple Listing Service, 17 per cent higher than the 3,002 sales recorded in the same month a year ago.
The so-called benchmark price in Metro Vancouver, averaged across property types, hit $506,201 in May, which is still 11 per cent below the same month in 2008, but higher than the $484,211 recorded in January.
Metro Vancouver’s inventory of unsold homes in May stood at 13,641, a 16-per-cent decrease from a year ago.
Read the full article by Derrick Penner, “Drop in home sales levels out” in the Vancouver Sun (June 3, 2009)