Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that overall sales for Greater Vancouver detached, attached and apartments increased by 10 per cent compared to February 1998.
Housing sales in the detached category increased by 10 per cent, with 919 units sold compared to 835 sold in February 1998. According to the Board's Housing Price Index (HPI), a benchmark or typical, price of a detached home in Greater Vancouver is $337, 690.
In the attached or townhouse category, sales increased by 19 per cent, with 259 units sold in February 1999, compared to 216 units sold the same month last year. The benchmark price of a townhouse in Greater Vancouver is $214,200.
Apartment sales were up by five per cent, with 501 units sold in February 1999, compared to 475 units sold in the same month last year. The benchmark price for an apartment in Greater Vancouver is $150, 880.
"February has shown a remarkable turnaround in the Greater Vancouver real estate market," says REBGV president, Calvin R. Lindberg. "We haven't experienced this type of sales activity since the Asian flu first impacted our province."
Lindberg says the increased activity can be attributed to the old adage of 'supply and demand.' "This month, although sales are up significantly, active listings are down by 13 per cent over last year," says Lindberg. "This reduced inventory and increased demand should allow housing prices to stabilize in the near future."
Other industry experts confirm this trend towards increased housing market demand in Greater Vancouver. According to a recent Canadian Mortgage and Housing Corporation (CMHC) survey, one in 10 Greater Vancouver households say they intend to purchase a home this year.
Bright spots in the Greater Vancouver market include: