Monthly Market Report
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According to the monthly statistical report generated by the Real Estate Board of Greater Vancouver (REBGV), the resale housing market continues to surpass last year's sales figures for the seventh consecutive month.
"Typically, real estate activity slows down during the summer months; however, we are pleased to report a continuous, healthy growth in home sales for July 1999, compared to last year," says Dick Coates, REBGV president.
Overall sales for Greater Vancouver detached, attached and apartments reached 2,052 units, an increase of 17 per cent from 1,766 units sold in July 1998.
Once again, the Board reports the largest climb in sales occurred in the attached (townhouse) properties. July sales increased by 23 per cent, with 312 units sold in July 1999, compared to 253 units sold the same month last year. According to the Board's Housing Price Index (HPI), a benchmark or typical price of an attached home in Greater Vancouver is $216,060, up slightly from 1998.
"Favourable conditions in the resale market run counter to the decline in new housing starts; this is great news for sellers who are considering putting their home on the market," says Coates.
Detached homes sales improved by 15 per cent, with 1,124 units sold this month, compared to 976 units sold in July 1998. The benchmark price of a detached home in Greater Vancouver is $347,500, up one per cent from one year ago.
Similar movement occurred in apartment properties as sales rose by 15 per cent, with 616 units sold in July 1999, compared to 537 units sold in the same month last year. The benchmark price of an apartment in Greater Vancouver is $155,930, down one percent from July 1998.
Bright spots in July 1999 compared to July 1998 include:
Burnaby North up 94% (70 units sold from 36)
Burnaby South up 36% (41 units sold from 30)
North Vancouver up 19% (109 units sold from 91)
Port Coquitlam up 19% (50 units sold from 42)
Richmond up 31% (113 units sold from 86)
Vancouver (West) up 58% (137 units sold from 87)
North Vancouver up 31% (25 units sold from 19)
Richmond up 22% (59 units sold from 48)
Vancouver (East) up 100% (34 units sold from 17)
Vancouver (West) up 23% (42 units sold from 34)
Burnaby South up 88% (49 units sold from 26)
Coquitlam up 25% (30 units sold from 24)
North Vancouver up 116% (78 units sold from 36)
New Westminster up 138% (50 units sold from 21)
Vancouver (West) up 21% (222 units sold from 183)