Monthly Market Report
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Consumer demand continues to drive a strong residential housing market throughout Greater Vancouver. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased by 32.7 per cent to 4,106 units sold in April 2004, compared to 3,095 sales in April 2003.
“We have seen a steady buoyant market due to a number of factors, including the lowest interest rates in
decades. In spite of small fluctuations in interest rates, consumers continue to seek real estate as a stable place to put their money,” says REBGV President Andrew Peck. “It would take a significant rise in interest rates to affect the market.
“We are seeing significant activity in the “move up” market,” Peck says. “As first time buyers purchase condos from the available stock, those sellers are moving into larger properties and often to single family homes."
According to Multiple Listings Service data, sales of apartment properties increased 53 per cent in April 2004 to 1,776 sales, compared to 1,161 sales in April 2003. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $238,040, up 5.8 per cent from one year ago.
Sales of attached properties increased 40.6 per cent in April 2004 to 648 units sold, compared to 461 units in April 2003. The benchmark price of an attached unit is $318,850, up 21.6 per cent from April 2003.
Sales of detached properties totaled 1,682 an increase of 14.2 per cent compared to 1,473 sales in April 2003. The benchmark price of a detached home increased to $495,570 up 19.6 per cent from a year ago.
Bright spots in Greater Vancouver in April 2004 compared to April 2003:
Coquitlam up 29.6% (149 units sold, up from 115)
Maple Ridge/Pitt Meadows up 13.7% (149 units sold, up from 131)
North Vancouver up 17.6% (147 units sold, up from 125)
Port Coquitlam up 35% (81 units sold, up from 60)
Richmond up 31.4% (230 units sold, up from 175)
Vancouver East up 12.6% (278 units sold, up from 247)
Vancouver West up 22% (205 units sold, up from 168)
Burnaby up 26.6% (100 units sold, up from 79)
Maple Ridge/Pitt Meadows up 53.3% (69 units sold, up from 45)
Port Coquitlam up 51.9% (41 units sold, up from 27)
Port Moody/Belcarra up 80% (36 units sold, up from 20)
Richmond up 63.9% (136 units sold, up from 83)
Vancouver West up 87.8% (92 units sold, up from 49)
Burnaby up 10.2% (151 units sold, up from 137)
Coquitlam up 49.3% (112 units sold, up from 75)
North Vancouver up 14.6% (102 units sold, up from 89)
Port Coquitlam up 79.2% (43 units sold, up from 24)
Richmond up 50.4% (197 units sold, up from 131)
Vancouver East up 62.2% (193 units sold, up from 119)
Vancouver West up 90.7% (816 units sold, up from 428)