VANCOUVER, B.C. – February 2, 2010 – Diverse selection and favourable interest rates continue to drive demand in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 1,923 in January 2010, an increase of 152.4 percent compared to January 2009 when 762 sales were recorded and a 23.5 percent decline compared to the 2,515 sales recorded in December 2009.

Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 17.2 percent to $573,241 from $489,007 in January 2009. This price is 0.8 percent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.

“There is also closer alignment between supply and demand in today’s housing market. At 18 percent, the salesto- active listings ratio in January is approximately 10 percent lower than we’ve seen in our market over the last six months,” Moldowan said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,147 in January 2010. This represents a 39.1 percent increase compared to January 2009 when 3,700 new units were listed, and a 139.1 percent increase compared to December 2009 when 2,153 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.

“Looking ahead, it’s difficult to know exactly what the Olympic effect will be on our market in February, although I think it’s fair to say it should be a quieter period for home buyers and sellers and so, in fact, may be a good time for motivated buyers to search for properties,” Moldowan said.