NEW WESTMINSTER, BC, May 15 /CNW/ - Is the housing recession at last
coming to an end? Even though property sales throughout British Columbia were
at a 24-year low in Q1 2009, sales did pick up with each passing month
indicating that the housing market is responding to typical seasonal increases
according to a new report from Landcor Data Corporation.
The Q1 2009 Residential Sales Summary evaluates sales and price data for
all of BC and for six regions - Greater Vancouver, Vancouver Island, the
Kootenays, the Okanagan, Fraser Valley and BC North/Northwest and compares
data and findings to Q4 2008 and Q1 2008. It also provides monthly information
"Our data confirms the market may be nearing the bottom given the strong
upswing in residential sales province wide during the first quarter," says
Landcor President, Rudy Nielsen. "Lower prices and lower mortgage rates may be
starting to move more potential buyers off the fence and into the market."
Landcor found that during Q1 2009 property sales fell province-wide, with
some regions being harder hit than others. In the Kootenays sales dropped 56%,
in the Okanagan, 55% and on Vancouver Island, 51% from Q1 2008.
Property prices also declined. The largest drop in the average sales
price was 21.2 per cent for an attached unit in the Fraser Valley region. The
next largest drop was in the Okanagan region where the median sales price for
a detached unit fell 12.1 per cent. In contrast prices increased in only two
regions: the Kootenay Region where the condominium average sales price
increased 25.7 per cent from Q1 2008 followed by the North/Northwest where the
condominium average sales price increased 18.1 per cent.
In the report Landcor also looks at the monthly sales during Q1 2009. In
the Greater Vancouver area February sales were up 10.3 per cent over January,
and March sales were up 36.2 per cent over February. Fraser Valley sales were
up 16.1 per cent over February and March sales were up 40.9 per cent over
"Based on this data, I think we're beginning to see a light at the end of
the tunnel," says Nielsen. "By the time we publish our Q2 2009 report, we'll
know for certain whether it was just a Grizzly bear with a flashlight!"
For further information:
For further information: For a copy of the report and more information
contact: Rudy Nielsen, President and Founder, Landcor Data Corporation, (604)