Greater Vancouver real estate market rebounding
There are new signs that Greater Vancouver's real estate market is in the midst of a dramatic rebound.
In November 2008, there were 874 residential property sales. This past November, that number more than tripled to 3,083 sales, according to the Real Estate Board of Greater Vancouver.
That's the third highest volume ever recorded in Greater Vancouver for that month.
Prices have also rebounded in a big way. Last November, the benchmark price for a new home in Greater Vancouver was $495,000. Now, it's almost $560,000 -- just shy of what a house would've been worth at the market's peak in May 2008.
"I think we're showing that there's consumer confidence out there, which is very important," said Scott Russell, president of the Real Estate Board of Greater Vancouver.
"Obviously lower interest rates is a big factor here, and that's helping driving it. We think too the numbers are also showing that there's diversity in our product out there and people have choices."
The board also reported that new listings for detached, attached and apartment properties in Greater Vancouver went up 21 percent in November compared to a year ago.
Sales of detached properties increased 261.5 per cent compared to the same period last year.