Metro Vancouver realtors racking up 4,114 sales, compared with 2,174 in the same month a year ago, the Real Estate Board of Greater Vancouver said Wednesday

(Source: Vancouver Sun)

Consider first-time buyers the stone thrown into the Lower Mainland’s real-estate-market pool.

Lured by the correction in home prices and low mortgage rates, first-timers are jumping into buy in numbers that are now rippling across the market as evidenced in July with record numbers of sales for the month in both Metro Vancouver and the Fraser Valley.

Metro Vancouver realtors racked up 4,114 sales through the Multiple Listing Service in July, the Real Estate Board of Greater Vancouver reported Wednesday, an 89-per-cent increase from July of a year ago, the period when sales were headed into their doldrums.

The benchmark price for the typical property sold across the region hit $528,821 in July, which is still off five per cent from price levels a year ago, but is up 9.2 per cent from the bottom of $484,211 in January.

Read Derrick Penner’s full article “First-time buyers spearhead record July for Metro Vancouver real-estate sales” in the Vancouver Sun (August 5, 2009)

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