Monthly Market Report
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According to the Real Estate Board of Greater Vancouver (REBGV), a 21 per cent increase in sales of attached homes led the recovery of the resale housing market in 1999.
Overall sales in 1999 for Greater Vancouver detached, attached and apartment properties reached 21,911 units, an increase of 16 per cent from 18,952 units sold in 1998.
"The housing market turned the corner in 1999 with gains in all types of housing properties. This growth is expected to continue at a more moderate pace during the year 2000," says Dick Coates, REBGV President.
The Canada Mortgage and Housing Corporation (CMHC) concurs; their year 2000 forecast summary predicts an eight per cent increase in total MLS® sales in Greater Vancouver.
The Board reports that 1999 year end sales figures show a 17 per cent increase in Greater Vancouver detached homes, with 12,169 units sold this year compared to 10,391 in 1998. December 1999 detached home sales totalled 669, down six per cent from 718 units sold at the same time last year. According to the Boards Housing Price Index (HPI), the benchmark or typical price of a detached home in Greater Vancouver is $341,210, up three per cent from one year ago.
The largest overall gain in 1999 occurred in the attached category; sales jumped 21 per cent to 3,366 units sold from 2,795 units sold in 1998. Decembers sales activity decreased by 11 per cent, with 180 attached units sold in December 1999, compared to 202 units sold during the same month last year. The benchmark price of an attached home in Greater Vancouver is $213,650, down two per cent from 1998.
The Board also reports that total sales of apartment properties in 1999 rose 11 per cent, as 6,376 units sold this year compared to 5,766 units last year. In December 1999, a total of 389 apartment units sold in Greater Vancouver, down 18 per cent from December 1998s figure of 475 units. The benchmark price of an apartment in Greater Vancouver is $158,460, reflecting a one per cent increase from the 1998 level.
Other positive changes affecting the BC real estate market include a recent government report on interprovincial migration that showed a third quarter net gain for our province, the first net inflow in two years. "The housing industry is largely driven by population trends and this reversing trend is seen as positive, since more people moving to BC means increased housing activity," says Coates.