Low interest isn't helping home sales much

Photo courtesy of Wikimedia Commons.

Interesting news from the local housing front: Never mind the low interest rates, home sales in and around Vancouver have fallen signficantly during the past year.

Or maybe they'd just be much worse without the low rates.

According to a new Real Estate Board of Greater Vancouver figures, residential property sales were up 1.9 per cent in November over October.

But those , 2,360 sales were still down 5.9 per cent over sales from the same month in 2010.

New listings were also down last month over those a year ago, but were about two per cent higher than the 10-year average.

And there were nine per cent fewer homes listed in November than in October, but still 13 per cent more that at this time last year.

Sales of detached properties on the MLS listings in November hit 916, a drop of 12.8 per cent from November 2010. But the benchmark price for detached properties increased 11.4 per cent from November 2010, to $890,204.

Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent drop over November 2010. The benchmark price of an apartment property increased 2.7 per cent from November 2010, to $399,686.

Since hitting a peak of $630,921 in June, the benchmark price for all residential properties across the Vancouver region has dropped by 1.4 per cent, the board's figures showed.

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