Monthly Market Report
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Greater Vancouver home sales are topping 1998 figures and continue to make steady gains in 1999 for the eighth consecutive month.
The Real Estate Board of Greater Vancouver (REBGV) reports that overall sales for Greater Vancouver detached, attached and apartments reached 1,928 units, an increase of 26 per cent from 1,529 units sold in August 1998.
The Board reports that this month’s sales activity in the attached (townhouse) properties is the highest recorded for any month of August this decade. August sales increased by 41 per cent, with 294 units sold in August 1999, compared to 209 units sold the same month last year. According to the Board’s Housing Price Index (HPI), a benchmark or typical price of an attached home in Greater Vancouver is $216,070, down one per cent from 1998.
"The strong resale activity we are experiencing is a sign of underlying consumer confidence."says Dick Coates, REBGV president. "Homebuyers and sellers continue to benefit from raising consumer confidence and low stable interest rates."
Detached homes sales improved by 26 per cent, with 1,061 units sold this month, compared to 843 units sold in August 1998. The benchmark price of a detached home in Greater Vancouver is $342,210, up two per cent from one year ago.
Sales of apartment properties rose by 20 per cent, with 573 units sold in August 1999, compared to 477 units sold in the same month last year. The benchmark price of an apartment in Greater Vancouver is $159,000, down one percent from August 1998.
August sales figures confirm a recent MLS housing market analysis by the Canadian Real Estate Association (CREA), which predicts that home buying activity will continue to make slow but steady progress over the second half of 1999.
Bright spots in August 1999 compared to August 1998 include:
Burnaby North up 47% (50 units sold from 34)
Burnaby South up 43% (43 units sold from 30)
South Delta up 28% (45 units sold from 35)
North Vancouver up 53% (101units sold from 66)
Richmond up 26% (100 units sold from 79)
Sunshine Coast up 38% (50 units sold from 36)
Vancouver (East) up 56% (189 units sold from 121)
Coquitlam up 100% (36 units sold from 18)
North Vancouver up 77% (32 units sold from 18)
Port Coquitlam up 84% (24 units sold from 13)
Vancouver (East) up 93% (29 units sold from 15)
Burnaby South up 33% (36 units sold from 27)
North Vancouver up 57% (52 units sold from 33)
Vancouver (East) up 28% (82 units sold from 64)
Vancouver (West) up 52% (265 units sold from 174)