Blog by MJ Ankenman

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Summer Market Boiling

The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales increased by 41.8 % ( 27.9% for condos in downtown Vancouver) compared to July 2006. This figure represents the second highest number of sales during the month of July in the Board's history.

Some of this increase in sales could be the result of the recent interest rate increase as new buyers try to get into the market before rates are anticipated to rise again in the fall. As well, consumers with locked in mortgages at good rates are taking the opportunity to move up in the market.

Average days on the market for a property is holding at 38 days. The benchmark price for a condo in Greater Vancouver is up 10.8% compared to same time last year, to $364,510.