The Market Today …

After taking a tumble, home prices appear to have regained much of their losses. The end-August benchmark price for a detached home in Greater Vancouver – $732,656 – is within 0.7% of the one year- ago number and approaching the peak ($771,250) briefly achieved in May '08.

Residential property sales in Greater Vancouver increased by 119% in August 2009 compared to

August a year ago (3441 sales, up from 1568 in '08) and were slightly higher (by 1.7%) than August of 2007.

In our more balanced market today, the total number of active listings at the end of August was 11,937, down 33% from August last year.