Housing market began with heightened demand in regional hot spots

VANCOUVER, B.C. – January 4, 2012 – Housing market concluded with greater balance between seller supply and buyer demand.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties increased by 5.9% since 2011 and decreased by 9.2% since 2009.

New listings for detached, attached and apartment properties in Greater Vancouver decreased by 4.1% this December compared to last December. The number of residential properties for sale increased by 2.7% compared to last year.

“Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others” Rosario Setticasi, REBGV president said.

Sales of detached properties on the MLS® in December 2011 reached an decrease of 18.1% from December 2010, and an 30.2% decrease from December 2009. The benchmark price for detached properties increased 11.2% from last December to $888,471. Sales of apartment properties declined by 4.6% from December 2010 to December 2011.