Bank of Nova Scotia, CIBC, National Bank and Laurentian Bank are the latest Canadian banks to lower fixed mortgage rates, matching the average 0.10 percentage point cut by Royal Bank of Canada and TD Canada Trust on Thursday.

By late Friday afternoon, Bank of Montreal was the only major Canadian bank not to cut rates this week.

Scotiabank, National Bank and CIBC announced separately on Friday their five-year closed mortgage rates would fall to 5.89 per cent, the same level as RBC and TD. The change takes effect Saturday at CIBC and Scotiabank, and Monday at National.

The RBC and TD mortgage rate changes took effect Friday.

The changes cut 0.10 percentage point from existing rates across multiple terms.

RBC, TD and CIBC also lowered their rate on its six-month convertible mortgages by 0.10 percentage points. The rate offered by RBC and CIBC falls to 4.85 per cent, while TD's falls to 4.75 per cent.

Source: Financial Post

Low and middle income families will be better off with the HST according to new research from the Fraser Institute.

The think tank has found famiies making less than 80-thousand dollars a year will pay less tax over-all thanks to the new HST Credit and Provincial Income Tax Reductions.

Study author Niels Veldhuis says the HST won't even affect when tax freedom day is held next year. "We calculated that the tax freedom day would basically not change as a result of the HST," he says, "so we're not going to be working more for government, we're not going to be paying more taxes. that of course is not to say that tax freedom day is too early."

The study finds upper income groups will see their total tax bill go up - families which make between $80,000 and $100,000 will see an average increase of $65 a year.

Source: CKNW

Existing-home sales fell 9.5% in May from the previous month as Canada's housing market began to wind down from near-record activity as new mortgage rules had their first full month in effect.

Sales totalled 37,576 on a seasonally adjusted basis, down from 41,502 in April, largely because of a decline in purchases in Toronto, Vancouver and Ottawa, the Canadian Real Estate Association said yesterday. The all-time high is 45,266 in February 2007.

The number of new listings in May dropped 4% to 76,201 from 79,367, according to the federal agency.

On an unadjusted basis, national sales activity was also down 4.3% in May from a year earlier.

"Life in the fast lane is over for Canada's housing market," said Douglas Porter, deputy chief economist at BMO Capital Markets.

Tougher rules in the country's mortgage market took effect in April. Among the changes, all those looking for home-financing loans must now meet the standards set for five-year, fixed-rate mortgages, even if they are seeking a variable-rate mortgage. The stricter guidelines effectively limit how much people can borrow.

Making the announcement in February, federal Finance Minister Jim Flaherty said the new rules are meant to "help prevent Canadian households from getting overextended" and "have some stabilizing effect on the housing market."

As well, the Bank of Canada earlier this month became the first Group of Seven central bank to raise interest rates, hiking its benchmark rate to 0.5% from a record low of 0.25%.

And the benchmark five-year, fixed rate for mortgages among Canada's major banks has risen to 5.99% from 5.25% since late March, after several upward and downward adjustments.

"An accompanying decline in new listings and housing starts means these changes are also affecting the supply side, which will keep the market balanced and Canadian home prices stable," said CREA president Georges Pahud.

CREA said the decline in May in comparison to April sales was a "departure from the normal seasonal pattern" and proof that people who might have purchased in May pushed their decision ahead by a month because of the mortgage rules and the rising-rate environment.

Still, the national average price of homes rose 8.5% in May from a year earlier, the agency said, but well below double-digit gains over the past year. The year-overyear price gains in April and March were 12.2% and 17.6%, respectively.

"Of course, next to no one will complain about some cooling in prices from the unsustainable trends of late last year and in early 2010," said Mr. Porter. "Prices are widely expected to simmer down notably in the second half of the year."

In the coming months, Porter said he expects the housing market to "brake harder, although the ongoing revival in employment will likely keep [it] ... from veering onto the shoulder."

Source: National Post

The number of properties listed for sale in Greater Vancouver continued to rise in May, while the number of sales showed a year-over-year decrease.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,156 in May 2010, a decline of 10.4 per cent compared to the 3,524 sales in May 2009; 5.1 per cent more than the 3,002 sales in May 2008; and 27.1 per cent less than the 4,331 sales in May 2007. May 2010 sales also represent a 10.1 per cent decline compared to last month’s sales.

In terms of number of property listings, last month marked the third consecutive month during which more than 7,000 homes were listed for sale on the Multiple Listing Service (MLS®) in Greater Vancouver.

New listings for detached, attached and apartment properties totalled 7,014 in May 2010, a 48.2 per cent increase compared to May 2009 when 4,733 new units were listed, and an 8.3 per cent decline compared to April 2010 when 7,648 properties were added to the MLS®.

At 17,492, the total number of property listings on the MLS® increased 10 per cent in May compared to last month, and is up 28.2 per cent compared to this time last year.

“Prospective home buyers in today’s market have a broad selection to choose from in every property type. REALTORS® are telling us they’re working with buyers who are not feeling as rushed to make a decision as they did late last year and earlier in the year,” Jake Moldowan, REBGV president said.

Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 16.7 per cent to $590,662 from $506,201 in May 2009.

“It’s important for those looking to buy or sell a home to remember that real estate is local and wise real estate decisions are made by those who understand current market conditions at the neighbourhood level,” Moldowan said.

Sales of detached properties in May 2010 reached 1,256, a decrease of 10.4 per cent from the 1,402 detached sales recorded in May 2009 and a 4.4 per cent increase from the 1,203 units sold in May 2008. The benchmark price for detached properties increased 19.1 per cent from May 2009 to $810,175.

Sales of apartment properties reached 1,354 in May 2010, a decline of 7.1 per cent compared to the 1,458 sales in May 2009 and an increase of 8.8 per cent compared to the 1,244 sales in May 2008.The benchmark price of an apartment property increased 13.9 per cent from May 2009 to $398,783.

Attached property sales in May 2010 totalled 546, a decline of 17.8 per cent compared to the 664 sales in May 2009 and a 1.6 per cent decline from the 555 attached properties sold in May 2008. The benchmark price of an attached unit increased 14.8 per cent between May 2009 and 2010 to $500,339.

The Real Estate industry is a key economic driver in British Columbia. In 2009, 35,669 homes changed hands in the Board's area, generating $1.49 billion in spin-off activity. The Real Estate Board of Greater Vancouver is an association representing more than 9,800 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®.

Source: REBGV

Vancouver's commercial real-estate sector is considered a great bet for investment, according to a survey released Tuesday by Colliers International.

The survey, which focuses on office, industrial and retail properties, also found that while Canadian institutional and private real-estate investors believe the market hasn't yet reached its lowest point, they're cautiously optimistic that a fast recovery will soon take shape.

While Colliers International's 2010 Global Investor Sentiment Survey found that Canadian real-estate investors favour Toronto as the top property investment city in the country, Vancouver and Montreal came in second.

"It's due to the fact that this market, largely because of geographic constraints, has always been able to maintain a reasonable balance between demand and supply of space," Kirk Kuester, managing director of Colliers International in Vancouver, said in an interview. "That translates into cash-flow security, which is what investors want.

"Vancouver is challenged by the ALR, the border, the mountains and the ocean, so it's challenged in terms of adding supply of real estate. [Investors] are not at risk of a market becoming oversupplied very quickly."

The survey found that 85 per cent of Canadian respondents who plan to acquire properties favour the domestic market, with Toronto coming in first at 27.8 per cent and Vancouver and Montreal tied for second at 16.7 per cent each. For Edmonton and Calgary it was 14.8 and 11.1 per cent respectively.

Kuester, who said Toronto came out on top because of its size, cited immigration as another reason for Vancouver's popularity with investors. "We have an amazing amount of immigration to this market, both domestic and international. That adds to the population and demand.

"And if [investors] need to divest, there will be a lineup of people in most instances."

The survey of more than 240 major real-estate investors around the world, including 26 large Canadian institutional property investors, also found that two-thirds of investors plan to expand acquisitions over the next year with a strong appetite for domestic properties.

Cameron Muir, director of the centre for urban economics and real estate at the University of B.C.'s Sauder School of Business, said in an interview that the survey bodes well for Vancouver.

"It says Vancouver, not surprisingly, is a strong investment market in Canada.

"But the most interesting thing is that Calgary isn't in the top three. In the commercial markets, there's a lot of concern for the vacancy market in Calgary."

Milton Lamb, chair, national investment team, with Colliers International in Canada, said in a statement: "On a risk adjusted basis, Canadian investors still see Canada as a preferred investment destination that offers a higher return on investment compared to the U.S., in part because of the turmoil that still lingers south of the border."

"The survey concluded that Canadian investors are not just interested in buying opportunities, with 54 per cent looking to sell under-performing or non-core assets.

The survey found that 73 per cent of Canadian investors feel access to capital became easier over the past year, with most expecting that to continue but with higher borrowing costs; 50 per cent of Canadian investors would pay a premium for sustainable buildings; and rents are expected to decline and hit bottom at the beginning of 2011.

Source: Vancouver Sun

The Bank of Canada raised its lending rate Tuesday. The Bank of Montreal (BMO-T63.12-0.03-0.05%) responded by lowering its mortgage rates – what gives?

The bank says the rate cut – 10 basis points to 4.25 per cent for a five-year loan – is all about rewarding its customers for being prudent and not borrowing excessively over the past few months.

“Our decision to lower the rate on our popular five-year low-rate mortgage means those buyers who have been patient and careful not to over-extend themselves in bidding wars this spring can still be rewarded by taking advantage of our market-leading five-year low-rate mortgage,” said Jane Yuen, senior manager of mortgages.

It’s also about something else. Most of the money banks lend in the form of mortgages is borrowed, and the bank looks to interest rate swap rates to estimate what it will cost to borrow money throughout the length of the mortgage. The rate takes into account investors’ expectations of interest rates over the next five years, and their evaluation of a bank’s credit worthiness.

The rate is generally going to be higher than the rate on the five-year government bond, because banks are riskier borrowers than the government. Usually the two rates will trend in the same direction, though the spread between them may widen or narrow.

Source: Globe and Mail

The Canadian economy, already the envy of the Group of Seven, is within striking distance of returning to its pre-recession peak.

Fuelled by a hot housing market, a rebounding manufacturing sector, higher incomes and a mini-hiring boom, the economy expanded in the first three months of the year at the fastest annualized pace in more than a decade. The stronger-than-expected 6.1-per-cent rate reported by Statistics Canada Monday was more than twice the rate of growth in the United States in the same period.

The report is the latest in a series of data releases to show that virtually every sector of the economy is picking up steam, and may clinch a Bank of Canada interest rate hike this morning.

Governor Mark Carney is unique among central bankers in the G7 – which also includes the U.S., the U.K., France, Germany, Italy and Japan – in already having to carefully watch inflation as Canada’s economy improves. Mr. Carney’s most recent projections in April showed annual price increases moving past his 2-per-cent target later this year, giving him enough ammunition to signal he was getting ready to raise interest rates as soon as today.

“The need for near-zero interest rates has clearly passed and the last couple of quarters have demonstrated that the emergency situation is over,” CIBC World Markets chief economist Avery Shenfeld said in an interview.

Source: Globe and Mail

For the first time in nearly three years, Canada's central bank has begun cranking up its key lending rate from historic lows, even as the country's stronger-than-expected economic rebound is being overshadowed by an "uneven" global recovery and the European debt crisis.

The Bank of Canada on Tuesday raised its overnight target rate a quarter-point to 0.5 per cent.

Although concerns about Europe and other things might delay any further moves by the Bank of Canada to raise borrowing costs, consumers will feel an immediate impact with major banks already raising their prime lending rates, effective Wednesday.

All the country's major banks have raised their prime lending rates 25 basis points to 2.5 per cent. The prime rate is generally the base interest rate from which other rates for lending are derived, such as for mortgages, loans or credit cards.

The rate changes made by Canada's major banks are generally made in close concert with each other and with the Bank of Canada.

Source: Financial Post

The Greater Vancouver housing market has enjoyed four consecutive months of balanced market conditions. This comes on the heels of a frenetic “seller’s” market period to close 2009, which saw inventory consumed at a near record pace.

Activity is strong in today’s market, but increases are occurring evenly between listings and sales, which has kept the market in a balanced state.

A housing market enters “balanced” territory when demand, represented by sales activity, reaches an equilibrium range with the supply of homes for sale. Most analysts believe the market reaches this equilibrium range when the sales-to-active listings ratio is between 18 and 22 per cent for a sustained period.

The Greater Vancouver market entered this range in January 2010 and has maintained this balance to present day.

“We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” Jake Moldowan, Board president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.”

Source: REALTOR Link

Here’s one way to tackle the red-hot Canadian housing market: Get someone to buy you a home.

That someone would be your parents. According to a new survey from TD Canada Trust, 10% of Canadians are considering buying a condominium for their adult children. A year ago, only 5% of parents thought about buying the kids a condo.

“It could be something that the parents are looking at as a long-term source of income, letting their children live it in for now,” says Chris Wisniewski, associate vice-president of real estate and secured lending with TD.

It could also be that parents know condominium prices, like detached homes, have climbed to unprecedented levels, making it difficult for adult children to come up with a minimum 5% down payment, let alone the 20% needed to avoid costly mortgage default insurance.

Toronto condo research firm Urbanation Inc. says the average existing condominium in the city sold for $331,000 in the first quarter of 2010. Based on an average $369-per-square-foot price, that’s a 900-square-foot unit.

Source: National Post

Canada's economy grew at a faster pace than expected in the first quarter of this year, led by consumer spending, increasing the possibility of an interest rate hike Tuesday by the country's central bank.

Gross domestic product rose at an annualized pace of 6.1 per cent between January and March, the biggest jump since the last quarter of 1999, Statistics Canada reported Monday. Growth in the fourth quarter of last year was revised to 4.9 per cent from five per cent.

Most economists had expected GDP growth of 5.8 per cent in the first three months of 2010.

"Residential investment increased for a fourth consecutive quarter, as did consumer spending on goods and services," Statistics Canada said. "Export and import volumes both rose for a third consecutive quarter, with growth in imports outpacing growth in exports in the first quarter."

This marks the third straight quarter of economic growth in Canada, following three consecutive quarters of contraction.

Source: The Financial Post

Do you realize that an additional $200 a month applied to your mortgage can shave off years on your mortgage and save you thousands of dollars? Sure, I hear you saying, "Yes, but who has any extra in this economy?" Well that's a great question. I would venture to say there are many people out there who can swing it and it may be you, but you don't even realize it.

You may be saying, "If I had $200 a month extra, I would know. Lets take a look at one area and see. I know there are many people who go out for lunch each day at work, spending on average $10 a day. $10 a day equates to how much monthly? Yes, you guessed it - $200. Now would you rather brown bag it for a little while in order to pay off your loan sooner and even save thousands and thousands of dollars? Or would you rather give it to the restaurant who's providing food you could have made at home?

My point is we have to change our minds in order to change our lives. $200 a month could mean a filling lunch for a month or it could mean paying off your mortgage in 15 years as opposed to 30.

Source: CNN

Canadian home resale prices climbed in March for an 11th straight month, but the gain was one of the smallest since prices began rising last year, according to a report on Wednesday.

The Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes, showed overall prices rose 0.3 percent in March from February.

"The broad slowing of monthly gains is consistent with a general loosening of resale-market conditions across the country. For some months now, homes have been coming on the market faster than they have been selling," the report said.

March's gain was only a tick ahead of February's 0.2 percent increase, which was the smallest monthly gain since the end of a recession-induced price slump.

The report tracks six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax. The index has been rising for almost a year.

Source: Reuters

Canadian home resale prices climbed in March for an 11th straight month, but the gain was one of the smallest since prices began rising last year, according to a report on Wednesday.

The Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes, showed overall prices rose 0.3 percent in March from February.

"The broad slowing of monthly gains is consistent with a general loosening of resale-market conditions across the country. For some months now, homes have been coming on the market faster than they have been selling," the report said.

March's gain was only a tick ahead of February's 0.2 percent increase, which was the smallest monthly gain since the end of a recession-induced price slump.

The report tracks six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax. The index has been rising for almost a year.

Source: Reuters

The Canadian Real Estate Association (CREA) released a new report today indicating that home prices will stabilize, and will remain stable for some time. This means that Canadian homeowners are unlikely to experience a U.S.-style decline in the value of their homes.

“The relationship between average price and income has recently been cited as portending a U.S.-style correction in Canadian home prices,” said Gregory Klump, Chief Economist, CREA. “However, such warnings ignore the longer-term relationship between prices and income, and disregard typical Canadian housing market cycle dynamics.”

Home prices tend to rise in cycles, characterized by periods of sharp growth and periods of stability. By contrast, income generally follows an orderly upward trend over time. For home prices to keep pace with incomes, they must rise faster during housing booms to make up for periods of little or no price growth. Canadian home prices were stagnant throughout most of the 1990s, while incomes continued rising, making housing more affordable. Over the past decade, home prices have climbed sharply as mortgage interest rates declined.

Klump adds: “The Canadian housing market is now widely thought to be at, or very near, the top of a cycle, and the ratio of home prices to incomes is currently high. This ratio will revert to its long-term average as it always does as part of a normal housing market cycle. History suggests, however, that it will not do so by means of a significant correction in home prices. The more likely scenario is that home prices will stabilize, giving incomes a chance to catch up again.”

The correction in U.S. home prices has sparked fears that Canadian home prices may share a similar fate. However, according to Klump, “warnings to this effect ignore solid Canadian mortgage market trends.”

Source: CREA News

With people banking on the main interest rate going up in June, it seems like a good time to for homeowners to lock in their fixed-rate mortgages.

In the past year about 12 percent of mortgage holders with fixed-rate mortgages "locked in," or switched from variable rate mortgages, according to a report by Will Dunning, chief economist at CAAMP, and another 10 percent had already switched from a variable rate more than a year ago.

The rate for conventional five-year mortgages was at 6.25 per cent at the end of April -- that's near ing the 5.25 per cent rate at the end of May last year - the lowest since 1973 when the Bank of Canada data began.

"As interest rates rise, expect home buyers to increasingly opt for fixed-rate loans, in turn leaving banks with more fixed-rate assets to hedge in the swap market" said Mohammed Ahmed, a rates strategist at Canadian Imperial Bank of Commerce in Toronto.

Housing starts rose to a seasonally adjusted annual pace of 201,700 units last month.

Source: Your First Home Canada

The Greater Vancouver housing market has enjoyed four consecutive months of balanced market conditions. This comes on the heels of a frenetic “seller’s” market period to close 2009, which saw inventory consumed at a near record pace.

Activity is strong in today’s market, but increases are occurring evenly between listings and sales, which has kept the market in a balanced state.

A housing market enters “balanced” territory when demand, represented by sales activity, reaches an equilibrium range with the supply of homes for sale. Most analysts believe the market reaches this equilibrium range when the sales-to-active listings ratio is between 18 and 22 per cent for a sustained period.

The Greater Vancouver market entered this range in January 2010 and has maintained this balance to present day.

Source: REBGV

Canada’s housing market is expected to ease in 2010 and 2011 as the market returns to more balanced conditions, Canada Mortgage and Housing Corporation said Wednesday.

“Canadian housing markets have recovered from the low levels posted in early 2009,” Bob Dugan, chief economist for CMHC, said in a release.

“Moving forward, housing starts will moderate as activity becomes more in-line with long term demographic fundamentals. New measures for government-backed mortgage insurance introduced by the government of Canada that took effect on April 19, 2010 will continue to support the long-term stability of Canada's housing market.”

The mortgage insurer said in its second quarter market outlook it expects housing starts in 2010 to be in a range of 166,900 to 199,600 units with a “point forecast” of 182,000 units.

Source: Vancouver Sun

As was seen in the Lower Mainland, British Columbia as a whole saw April real estate sales dramatically higher than a year ago, but off the frenetic pace seen in the last quarter of 2009, the B.C. Real Estate Association reported Friday.

B.C. realtors processed some 8,385 units through the Multiple Listing Service in April, 21-per-cent higher than the same month a year ago, but when figures are adjusted to account for seasonality April sales were four per cent below March, according to Cameron Muir, the association's chief economist.

"Higher home prices, particularly in Vancouver, the Fraser Valley and Victoria as well as a recent lift in mortgage interest rates has eroded affordability and had an impact on overall housing demand," Muir said in a news release.

The average home price across the province was $514,820 in April, some 15 per cent higher than the same month a year ago.

Source: Vancouver Sun

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,512 in April 2010, the fifth highest-selling April on record. The figure represents an increase of 18.5 per cent compared to the 2,963 sales in April 2009; 9.1 per cent more than April 2008’s 3,218 sales; and 3.7 per cent more than April 2007’s 3,387 sales. April 2010 sales also represent a 12 per cent increase compared to last month.

“We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” Jake Moldowan, REBGV president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 7,648 in April 2010, a 64.5 per cent increase compared to April 2009 when 4,649 new units were listed, and a 9.2 per cent increase compared to March 2010 when 7,004 properties were added to the Multiple Listing Service® (MLS®).

At 15,901, the total number of property listings on the MLS® increased 17 per cent in April compared to last month, and is up 11 per cent compared to this time last year.

Source: REBGV

The Canadian real estate market reignited in March, with the number of new listings skyrocketing even as the number of sales and average prices crept toward all-time highs.

February data from the Canadian Real Estate Association showed sales and prices moderating as supply began to creep back into the market, but March numbers suggest Canadians are feverishly jumping into the market to sidestep tougher mortgage requirements in effect Monday April 19 as well as to avoid new taxes being introduced in Ontario and British Columbia in June.

There were 97,663 homes put up for sale last month, a 20-per-cent jump from the previous high set in March 2008. A total of 233,402 listings have been booked since the beginning of the year, the most for any first quarter on record.

New listings are important because they can help moderate sharp price increases that occur in a sellers' market as buyers are forced to compete for what little inventory is available. That hasn't happened yet, however, with sellers still in control in most of the country.

Source: Globe and Mail

The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 per cent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service (MLS).

At 13,538, the total number of property listings on the Multiple Listing Service (MLS) increased 19 per cent in March compared to last month, but remains 7.6 per cent below this time last year.

“The total number of homes listed for sale on our MLS is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan, REBGV president said.

Residential property sales in Greater Vancouver reached 3,137 in March 2010, a 38.5 per cent increase compared to March 2009, a 4.7 per cent increase over March 2008, and a 12.4 per cent decrease compared to March 2007. The current figure also represents a 26.8 per cent increase compared to the 2,473 sales recorded in February 2010.

Source: REBGV

With the Canadian economy bouncing back stronger than most experts expected, resale housing activity is predicted to increase along with it.

Due to continuing affordability, the Canadian Real Estate Association (CREA) is calling for a national sales increase of more than 13 per cent this year compared to 2009.

It predicts about 527,300 resale homes will likely change hands this year -- a total that would surpass the existing 2007 record by 1.2 per cent.

Canada's economic health is improving at a faster pace that predicted, says deputy chief economist Doug Porter of BMO Capital Markets. "We're heading back to pre-recession levels on a number of indicators quite a bit faster than I think most people believed possible, despite concerns over how this would be a lacklustre recovery," he says.

Source: househunting

The Real Estate Board of Greater Vancouver (REBGV) 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 when 1,480 sales were recorded and a 28.6 per cent increase compared to the 1,923 sales recorded in January 2010.

More broadly, last month’s sales totals marked a 7.6 per cent decline compared to the 2,676 sales recorded in February 2008 and were 13.5 per cent behind February 2007 when 2,859 residential sales were recorded on the Multiple Listing Service (MLS®) in Greater Vancouver.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 19.7 per cent to $581,911 from $486,054 in February 2009. 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.

Source: REBGV

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 per cent compared to January 2009 when 762 sales were recorded and a 23.5 per cent decline compared to the 2,515 sales recorded in December 2009.

In terms of historical perspective, January ranked as an average month for number of residential housing sales over the past decade, with higher sales in January 2002, 2003, 2004, and 2006.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 17.2 per cent to $573,241 from $489,007 in January 2009. This price is 0.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

Source: REBGV

The Real Estate Board of Greater Vancouver (REBGV) reports that total unit sales of detached, attached and apartment properties in 2009 reached 35,669, a 44.8 per cent increase from the 24,626 unit sales recorded in 2008, but a 6.3 per cent decline from the 38,050 residential sales in 2007.

The number of homes listed for sale on the Multiple Listing Service® (MLS®) in Greater Vancouver declined 15.5 per cent in 2009 to 52,869 compared to the 62,561 properties listed in 2008.

“Low interest rates, an economy emerging from recession and continuing to improve, and consumer confidence led to the resurgence experienced in the Greater Vancouver housing market in 2009,” Scott Russell, REBGV president said. “Home sales neared or passed monthly records in Greater Vancouver throughout the latter half of 2009. In fact, last month’s home sales rank as the third highest selling December in the 90-year history of our organization.”

Source: REBGV

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 12.4 per cent to $557,384 from $495,704 in November 2008. This price, however, remains down 1.9 per cent from the most recent high point in the market in May 2008 when the residential benchmark price sat at $568,411.

“This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to the diverse range of housing options available in Greater Vancouver,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. “Prospective homebuyers today have more options at different price levels than ever before."

The REBGV reports that residential property sales in November were the third highest volume ever recorded in Greater Vancouver for that month. Sales in the region totalled 3,083 in November 2009, an increase of 252.7 per cent compared to November 2008 when 874 sales were recorded and a 16.8 per cent decrease compared to the 3,704 sales recorded in October 2009.

Source: REBGV

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.8 per cent to $553,702 from $518,668 in October 2008.

"While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008," Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. "We're coming off several months of unseasonably high sales levels, which has allowed for a gradual increase in home values this year,"

The REBGV reports that residential property sales in Greater Vancouver totalled 3,704 in October 2009, an increase of 4.1 per cent from the 3,559 sales recorded in September 2009, and an increase of 171.6 per cent compared to October 2008 when 1,364 sales were recorded. Looking back two years, last month's sales increased 22.3 per cent compared to October 2007 when 3,028 sales were recorded.

Source: REBGV

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded.

“As homes sales in Greater Vancouver continued at an elevated pace in September it’s encouraging to see that more homes were listed on the MLS® in the month than any other so far this year,” Scott Russell, REBGV president said. New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,764 in September 2009. This represents a 6.2 per cent decline compared to September 2008 when 6,142 new units were listed, but a 26.8 per cent increase compared to August 2009 when 4,544 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

At 12,596, the total number of property listings on the MLS® increased 5.5 per cent in September compared to last month and declined 36 per cent from the 19,852 homes listed for sale during the buyer’s market that was experienced at this time last year.

Source: REBGV