Monthly Market Report
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Sales of residential properties continued to soar last month with record-breaking sales posted during what is normally a quieter time in the housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased by 33.3 per cent to 3,290 units sold in August 2003, compared to 2,468 sales in August 2002.
“Our records indicate that these figures are the highest we’ve ever posted for the month of August,” says Bill Binnie, REBGV president. “Clearly, consumers continue to see this as an optimum time to purchase a home.
“It’s traditionally slower in the summer, but we’re experiencing a very active market,” Binnie says. “With low interest rates and consumer confidence, buyers are taking advantage of the opportunities in the market.”
According to Multiple Listings Service data, sales of attached properties increased 52.9 per cent in August 2003 to 520 units sold compared to 340 units in August 2002. The benchmark price of an attached unit is $277,810, up 13 per cent from August 2002.
Sales of apartment properties increased 40.1 per cent in August 2003 to 1,292 sales compared to 922 sales in August 2002. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $208,530, up 15.3 per cent from one year ago.
Sales of detached properties totaled 1,478, an increase of 22.6 per cent compared to 1,206 sales in August 2002. The benchmark price of a detached home increased to $431,170, up 11.5 per cent from a year ago.
“We encourage consumers to contact a local realtor for guidance in making buying or selling decisions that meet their needs,” Binnie advises.
Bright spots in Greater Vancouver in August 2003 compared to August 2002:
North Vancouver up 19.3% (105 units sold, up from 88)
Coquitlam up 22.8% (151 units sold, up from 123)
Maple Ridge/Pitt Meadows up 36% (151 units sold, up from 111)
Port Coquitlam up 81.8% (60 units sold, up from 33)
Richmond up 21.2% (177 units sold, up from 146)
Vancouver East up 20.5% (253 units sold, up from 210)
Vancouver West up 54.4% (176 units sold, up from 114)
Burnaby up 82.2% (82units sold, up from 45)
Coquitlam up 42.9% (40 units sold, up from 28)
Maple Ridge/Pitt Meadows up 34.9% (58 units sold, up from 43)
Richmond up 122.4% (149 units sold, up from 67)
Burnaby up 30.6% (141 units sold, up from 108)
North Vancouver up 156.1% (169 units sold, up from 66)
Richmond up 31.1% (156 units sold, up from 119)
Vancouver East up 108.3% (150 units sold, up from 72)
Vancouver West 21.5% (441 units sold, up from 363)