Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased 12 per cent to 1,966 units in January 2003 compared to 2,248 sales in January 2002. This figure also represents a decrease of 11 per cent over December 2002 when 2,205 sales were recorded.
“Last year, the market at this time had strong momentum due to pent-up demand and a sharp drop in mortgage rates,” says Stephanie Corcoran, REBGV president. “Now, the market continues to remain strong with activity focused in the entry to mid-level price range. As well, apartment listings have increased 20 per cent in comparison to the same period last year, setting the stage for buoyant activity.”
According to Multiple Listings Service data, sales of apartment properties decreased two per cent in January
2003 to 739 sales compared to 757 sales recorded in January 2002. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $187,570, up 11.3 per cent from one year ago.
Sales of detached properties totaled 939, a decrease of 14 per cent compared to 1,096 sales in January 2002. The benchmark price of a detached home increased to $396,780, up 8.8 per cent from a year ago.
Sales of attached properties decreased 27 per cent to 288 units compared to 395 units in January 2002. The
benchmark price of an attached unit is $252,990, up 10 per cent from January 2002.
Listings of apartments increased 20 per cent in January 2003 in comparison with January 2002, while detached listings remained unchanged year to year, and attached listings decreased by 10 per cent.
“The residential real estate market remains a bedrock of the local economy,” says Corcoran. “And we can
expect low mortgage interest rates to mean continued opportunities for both homebuyers and sellers.”
Bright spots in Greater Vancouver in January 2003 compared to January 2002:
Richmond up 22% (123 units sold from 101)
Squamish up 162% (21 units sold from 8)
Delta up 333% (13 units sold from 3)
Sunshine Coast up 50% (6 units sold from 4)
Coquitlam up 20% (42 units sold from 35)
Maple Ridge/Pitt Meadows up 100% (16 sold from 8)
Vancouver Westside up 6% (298 units sold from 281)