(Source: The Vancouver Sun)
76-per-cent jump over a year ago attributed to lower prices, low mortgage rates
METRO VANCOUVER — Greater Vancouver realtors had their second busiest June on record this year as buyers jumped at lower property prices and near record low mortgage rates, the Real Estate Board of Greater Vancouver reported Friday.
Board realtors recorded 4,259 sales through the Multiple Listing Service in June, a 76-per-cent increase from the same month a year ago.
The inventory of unsold homes in the board’s area declined 27 per cent to 13,252, compared with the same month a year ago.
“Many people who were reluctant to purchase a home last fall and earlier this year are returning to the market because they see conditions that appeal to their personal and financial needs,” board president Scott Russell said in a news release. “However, the current marketplace is such that buyers are more inclined to walk if they don’t like the terms of an offer.”
The benchmark price for a typical detached home was $701,384 in June, still down 8.4 per cent from the same month a year ago.
Read the full article “Second busiest June on record for Greater Vancouver Real Estate” in the Vancouver Sun (June 3, 2009).