The combination of low interest rates and more affordable pricing helped propel Greater Vancouver home sale numbers to the second all-time highest total for the month of June.The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 75.6 per cent in June 2009 to 4,259, from the 2,425 sales recorded in June 2008. The figure is just short of the record-breaking 4,333 sales which occurred in June 2005.New listings for detached, attached and apartment properties declined 17.9 per cent to 5,372 in June 2009 compared to June 2008, when 6,546 new units were listed. However, new listings increased 13.5 per cent from May to June of this year. Total active listings in Greater Vancouver currently sit at 13,252, down 27 per cent from June 2008 and 2.9 per cent below the active listings count at the end of May 2009.“Price reductions and low interest rates have created an improvement in affordability, which is causing the number of sales to rise to levels comparable to 2003 to 2007,” Scott Russell, REBGV president said.

source: http://www.vancouverreflections.com/2009/07/03/vancouver-real-estate-sales-for-june-75-higher-than-june-2008/

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That comes at a time when new listings in the region dropped by 35 per cent from a year ago, suggesting inventories are on the way down to pre-recession levels.

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Most activity is among first-time buyers at the more affordable end of the market.In Calgary, for example, 70 per cent of resales in May were on homes priced under $400,000.

“First-time buyers are coming in to take advantage of the ultra-low interest rates we’re seeing right now,” Ms. Warren said.

“My last three buyers, all three lost their offer because they were in a bidding war,” the Re/Max agent said in an interview, adding she has been busier than she has been in months. “Anything up to $600,000 is flying off the shelves,” she said.

Source:http://www.theglobeandmail.com/report-on-business/real-estate-recovering-economists-say/article1181681/

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