Greater Vancouver Real Estate - July 2009

The Real Estate Board of Greater Vancouver released the statistics package for the month ending July 31st this week and the statistics revealed several interesting facts.

Here is a synopsis:

Sales were really high. In fact it was a record July for sales in the REBGV area. It seems that the local 'belief' in owning real estate as a recipe for financial success and security is undying.

Active listings are dramatically lower than the same time last year.

Consequently, months of inventory is really low at 3 months. This means that there is really tight competition for properties.

Prices have been edging higher since March in a very strong seasonal run spurred on by lifetime low interest rates.

The correlation between months of inventory and prices changes is still relatively strong.

It will be interesting to see what happens in the local market over the next 6-8 months as the super-low rates are now unavailable and the normal seasonal weakness should kick in.