BCREA Graph Shows Vancouver Homes Sales Climb for 5th Consecutive Month
July 13th, 2009 Categories: Real Estate News, Vancouver Housing Market, Vancouver Real Estate
The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province rose 40 per cent to 9,970 units in June 2009 compared to the same month last year. Activity in the month of June marked the fifth consecutive month of rising sales and the highest level of activity since January 2008, on a seasonally adjusted basis. 
“Housing markets around BC continued to post higher sales in June, fuelled by attractive mortgage rates and lower prices,” said Bryan Yu, BCREA Economist. “The larger urban regions of Greater Vancouver and Victoria exhibited balanced market conditions in June, while others have recorded improved market stability. Stronger demand and a decline in home listings are stabilizing home prices in many BC markets.”
Year-to-date, MLS® residential sales dollar volume was down 20 per cent to $16.3 billion over the same period last year. A total of 36,329 units were sold in the first six months of 2009, down 15 per cent from 2008, while the average MLS® price declined 5 per cent to $448,381.
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Maggie,
I could “barely” afford a reasonable house during the lows of 2008, and now with the recent spring blip prices have edged slightly outside my price range once again. I would like to know if you think prices will moderate once again in the coming months so that I will once again be able to “afford” a reasonable house for my family.
I say “afford” because I have two friends who have bought houses, but are now so tight with their money because of mortgage payments, bills,..etc, that they almost never go out or do ANYTHING. They already seem like the poor families in their neighborhood since many of their neighbors bought their houses several years ago and do not have MONSTER mortgages. I also worry about their situation once mortgage rates increase even by one or two percent! I do not want to be like them. While they obviously managed to buy their house, I wouldn’t say they could truly “afford” it.
Comment by priced out — July 13, 2009 #
Maggie,
Last year, when prices were slightly lower than now, I felt for the first time that I could barely afford to buy a reasonable house for my family and myself. Now with the recent spring activity in the market prices have edged up again just enough to price me out. I wonder if you think there will be another downturn to the market so that I will once again be able to afford something?
I should mention that two of my friends have recently bought houses in neighborhoods with many people who bought at least 10 years ago when prices were much less. While I could afford what they did, I do not consider that truly “affording”. My friends are basically strapped for cash with a large mortgage, and do not spend money on ANYTHING these days. They are the poorest family in their neighborhoods in that regards “VanWest”. I do not want to be like them.
priced out.
Comment by priced out — July 14, 2009 #