Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased two per cent to 2,670 in July 2002, slightly ahead of the 2,619 properties sold during the same period in 2001.
According to Multiple Listing Service data, sales of apartment properties increased 17 per cent, with a total of 970 units sold in July 2002 compared with 830 sales in July 2001. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $181,730, up 13.2 per cent from one year ago.
“We are still in the midst of an active market although there has recently been a slight rise in interest rates, and we’re in the middle of the traditional summer slow down,” said Stephanie Corcoran, President of the Real Estate Board of Greater Vancouver. “Looking at year-to-date figures, sales are outpacing those of 2001 by 34 per cent for all three property categories, with condominium sales leading the way, up 52 per cent from the first seven months of last year.”
Sales of attached properties remained virtually unchanged from one year ago, with 393 sales in July 2002, compared with 394 sales in July 2001. The attached properties benchmark price is $246,880, an increase of 12 per cent from the same period last year.
Sales of detached properties decreased 6 per cent to 1,307 in July 2002 from 1,395 in July 2001. The detached benchmark price is $386,390, an increase of 9.2 per cent in comparison to last year.
Bright spots in Greater Vancouver communities in July 2002 compared to July 2001:
North Vancouver up 30% (117 units sold from 90)
Port Coquitlam up 12% (58 units sold from 52)
Sunshine Coast up 13% (72 units sold from 64)
Squamish up 100% (28 units sold form 14)
West Vancouver up 20% (60 units sold from 50)
Coquitlam up 11% (29 units sold from 26)
Maple Ridge/Pitt Meadows up 41% (48 units sold from 34)
Vancouver East up 114% (30 units sold from 14)
Vancouver West up 20% (54 units sold from 45)
Maple Ridge/Pitt Meadows up 25% (20 units sold from 16)
North Vancouver up 55% (96 units sold from 62)
Port Moody up 200% (15 units sold from 5)
Port Coquitlam up 37% (26 units sold from 19)
Richmond up 28% (128 units sold from 100)
Vancouver East up 28% (74 units sold from 58)
Vancouver West up 10% (357 units sold from 324)