Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 3,345 units in April 2006, a decrease of 17.3 per cent compared to April 2005’s 4,043. This figure also represents a decrease of 18.5 per cent over April 2004 when 4,103 sales were recorded.
“Market activity continues to put pressure on listing inventory, which is down 22.3 per cent over the same period in 2005,” says REBGV president Rick Valouche. “It’s a great market for sellers and thanks to our continuing low interest rates, it’s also a healthy market for buyers.
“While residential real estate sales are lower than last year, the current housing market is still strong with sales up eight per cent compared to April 2003,” says Valouche. “Both 2005 and 2004 were remarkably strong years during which consumers were satisfying pent-up demand for housing.”
According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 18.4 per cent to 1,366 sales in April 2006 compared to 1,675 sales in April 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $309,484, up 21.8 per cent from one year ago.
Sales of attached properties decreased 12.9 per cent in April 2006 to 539 sales, compared to 619 sales in April 2005. The benchmark price of an attached unit is $380,163, up 16.7 per cent from a year ago.
Sales of detached properties decreased 17.7 per cent in April 2006 to 1,440 sales, compared to 1,749 sales in April 2005. The benchmark price of a detached unit is $620,947, up 19.7 per cent from last year.
More than 63 per cent of residential properties sold in April 2006 were sold below the Greater Vancouver average price of $502,845.
Bright spots in Greater Vancouver in April 2006 compared to April 2005:
Port Moody/Belcarra up 71.4% (24 units sold, up from 14)
Port Coquitlam up 26.3% (48 units sold, up from 38)
Maple Ridge/Pitt Meadows up 21.7% (28 units sold, up from 23)
Maple Ridge/Pitt Meadows up 27.7% (60 units sold, up from 47)
Coquitlam up 9.8% (45 units sold, up from 41)
Sunshine Coast up 46.1% (19 units sold, up from 13)
West Vancouver/Howe Sound up 74.5% (82 units sold, up from 47)