Monthly Market Report
Be the first to know! Read our monthly housing market reports to get the most up-to-date statistics and to hear our perspective on what the latest buying and selling trends mean for you.
VANCOUVER - Following the record-breaking sales pace of the last eight months, it’s no surprise that 2005 was the biggest year on record for the Greater Vancouver residential housing market. Housing sales reached 40,530 for the year, surpassing the next highest total of 37,816 in 2003 by 7.2 per cent.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased by 10.8 per cent in 2005 when compared to the 36,593 sales in 2004.
“Last year was truly remarkable with sales exceeding 40,000 for the fi rst time and the largest dollar volume of sales achieved in our Board history,” says Georges Pahud, REBGV president.
“Many factors contributed to this accomplishment – mainly economics of course: interest rates, confi dence in the economy, international and inter-provincial migration and employment, but mainly people: the public and their continuing faith in real estate and Realtors. Not forgetting that one of the fundamental reasons Greater Vancouver’s real estate market continues to flourish is because it’s a great place to live. This is a good time for consumers to buy real estate and be in Greater Vancouver,” Pahud says.
According to Multiple Listings Service® (MLS®) data for the period between January 1 and December 31, 2005, sales of apartment properties increased 6.5 per cent to 17,061 sales, compared to 16,025 sales in 2004. Sales of attached properties increased 17.5 per cent to 6,804 units sold, compared to 5,791 units in 2004. Sales of detached properties totalled 16,665 in 2005, an increase of 12.8 per cent compared to 14,777 sales in 2004.
More than 64 per cent of homes sold in 2005 were under the average price of $427,469.
Overall housing sales for December 2005 increased 12.4 per cent to 2,332 in comparison to 2,075 in December 2004.
Sales of apartment properties increased 16.6 per cent to 1,033 sales in December 2005 compared to 886 sales in December 2004. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $282,079, up 19.7 per cent from one year ago.
Sales of attached properties increased 18.7 per cent in December 2005 to 438 units sold, compared to 369 units in December 2004. The benchmark price of an attached unit is $351,970, up 13.7 per cent from December 2004.
Sales of detached properties increased 5 per cent from one year ago, at 861 in December 2005 compared to 820 sales in December 2004. The benchmark price of a detached home increased to $567,417, up 18.5 per cent from 2004.
“It’s a New Year and consumers interested in buying or selling a home should talk to their local realtor to gain a good understanding of the factors currently infl uencing the housing market,” Pahud advises.
Bright spots in Greater Vancouver in December 2005 compared to December 2004:
Maple Ridge/Pitt Meadows up 67.2% (97 units sold, up from 58)
Richmond up 9.4% (116 units sold, up from 106)
Burnaby up 58% (79 units sold, up from 50)
Maple Ridge/Pitt Meadows up 61.3% (50 units sold, up from 31)
Vancouver West up 41.3% (65 units sold, up from 46)
Burnaby up 19.3% (136 units sold, up from 114)
Maple Ridge/Pitt Meadows up 141.7% (29 units sold, up from 12)
New Westminster up 23.2% (69 units sold, up from 56)
Richmond up 23.7% (141 units sold, up from 114)
Vancouver East up 47.3% (134 units sold, up from 91)
Vancouver West up 13.2% (360 units sold, up from 318)