Monthly Market Report
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Low interest rates and steady sales continue to guide the residential real estate market in Greater Vancouver. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased by 0.6 per cent to 1,954 units sold in January 2004, compared to 1,966 sales in January 2003.
“The number of sales for January show the real estate market is solid and remains an attractive investment,” says Bill Binnie, REBGV president. “The good news is that there are still great opportunities in many areas of Greater Vancouver.”
According to Multiple Listings Service data, sales of apartment properties increased 12.9 per cent in January 2004 to 834 sales, compared to 739 sales in January 2003. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $220,650, up 17.8 per cent from one year ago.
Sales of attached properties increased 15.3 per cent in January 2004 to 332 units sold, compared to 288 units in January 2003. The benchmark price of an attached unit is $292,240, up 15.3 per cent from January 2003.
Sales of detached properties totaled 788, a decrease of 16.1 per cent compared to 939 sales in January 2003. The benchmark price of a detached home increased to $461,370 up 15.4 per cent from a year ago.
Bright spots in Greater Vancouver in January 2004 compared to January 2003:
Maple Ridge/Pitt Meadows up 15.8% (88 units sold, up from 76)
Coquitlam up 175% (33 units sold, up from 12)
Vancouver West up 69% (49 units sold, up from 29)
New Westminster up 145.7% (86 units sold, up from 35)
Port Coquitlam up 123.5% (38 units sold, up from 17)
Richmond up 60% (128 units sold, up from 80)