Greater Vancouver Real Estate - Although in early 2009 the Real Estate industry was largely impacted by the downturn of the economy, it sprung back and closed with the highest selling December in 90 years. The Real Estate Board of Greater Vancouver reported that 34,669 properties were sold in 2009, which is a 44.8 percent increase from the previous year when 24,626 homes sold. The low interest rates bought back consumer confidence and even drove sales to record highs in the late summer season of last year. A continued decline in overall listings resulted in a rise of home prices and a slimmer array of properties for buyers to choose from; though later in the year there was finally a surge in listings for luxury pre-sale condos and apartments, largely due to the upcoming Vancouver Winter Olympics. On that note, listings and sales activities are expected to be strong through to the games.

Burnaby Real Estate - “The little engine that could” Burnaby outshone many regions during what was one of the worst recessions of this generation; property sales and prices remained consistent, which could be attributed to low interest rates and appeal to the area by first time home buyers. Towards the end of the year apartment sales leaped forth by 250 percent, from 44 apartments in 2008 to 154 that sold this past December. The total of homes sold was 4,363 by comparison to 2,795 which sold in the area in the previous year. Although December showed a slow down in home sales due to the holidays (as is typical at this time of the year)property values for both attached and detached homes were stronger than in the month of November.

Tip for the month

Home reno tax credit deadline coming soon. A reminder to all homeowners doing renovations or improvements to their homes, that the Home Renovation Tax Credit(HRTC) deadline is coming up. The Home Renovation Tax Credit is a non-refundable credit for work performed on or goods purchased for the renovation of owned personal dwellings. A homeowner must spend at least $1,000, up to a maximum of $10,000, on an enduring renovation, integral to the dwelling. Expenses must be incurred between January 27, 2009 and the end of January, 2010. Only supplies purchased and contracted work completed between these dates are eligible for the tax credit. Call 604-657-6647 for more information to maximize refund on renovations to your new home.

NOTE: The MLSLink Housing Price Index? (HPI) calculates benchmark prices, which represents a typical property within a market. The HPI takes into consideration what averages and medians do not - the price of housing features such as lot size, age, number of rooms, ect. These 'typical house' in a given area. Each month's sales determine the current prices paid for bedrooms, bathrooms, fireplaces, ect. and apply those new values to the typical house model. The HPI measures typical, pure price change (inflation or deflation).

For more information and a free market - analysis please call Italo Fionda