Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that last month had the highest number of sales for the month of July in 10 years.
Sales of detached, attached and apartment properties increased 58 per cent to 2,619 in July 2001 compared to 1,654 during the same period in 2000.
According to Multiple Listing Service data, sales of apartments increased 95 per cent, with a total of 830 units sold in July 2001 in comparison to 426 sales in July 2000. The benchmark price for a Greater Vancouver apartment, calculated by the Board’s Housing Price Index, is $161,950, an increase of two and a half per cent in comparison to one year ago.
“We think these figures reflect the low vacancy rate in the rental market and competitive interest rates, which makes purchasing a strong alternative at this time,” said Don Pearce, President of the Real Estate board of Greater Vancouver.
“Both the housing resale and housing starts markets across Canada were extremely positive during the first half of this year,” Pearce said. “Home sales in Canada during the first two quarters of 2001 were the highest on record for any six-month period. June housing starts were also the highest in the country since February 1992.”
Sales of detached properties increased 47 per cent to 1,395 in July 2001 from 946 in July 2000. The detached benchmark price is $353,990, an increase of over three and a half per cent in comparison to last year.
Year over year, sales of attached properties increased 40 per cent in July, with 394 sales compared with 282 sales in July 2000. The attached properties benchmark price is $220,230, an increase of over one per cent over the same period last year.
A number of bright spots were noted in Greater Vancouver communities in July 2001 compared to July 2000:
Burnaby up 80% (137 units sold from 76)
Coquitlam up 46% (136 units sold from 93)
Delta South up 61% (58 units sold from 36)
Maple Ridge / Pitt Meadows up 40% (125 units sold from 89)
New Westminster up 67% (35 units sold from 21)
Port Moody / Belcarra up 40% (21 units sold from 15)
Richmond up 91% (183 units sold from 96)
Sunshine Coast up 52% (64 units sold from 42)
Vancouver East up 52% (261 units sold from 172)
Vancouver West up 55% (161 units sold from 104)
Burnaby up 68% (62 units sold from 37)
Coquitlam up 73% (26 units sold from 15)
Maple Ridge / Pitt Meadows up 36% (34 units sold from 25)
North Vancouver up 34% (39 units sold from 29)
Port Coquitlam up 92% (25 units sold from 13)
Port Moody / Belcarra up 144% (22 units sold from 9)
Richmond up 68% (101 units sold from 60)
Burnaby up 129% (117 units sold from 51)
Coquitlam up 153% (43 units sold from 17)
New Westminster up 42% (47 units sold from 33)
North Vancouver up 77% (62 units sold from 35)
Richmond up 122% (100 units sold from 45)
Vancouver East up 57% (58 units sold from 37)
Vancouver West up 112% (324 units sold from 153)