Monthly Market Report
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Greater Vancouver’s residential housing market remains brisk this summer, with demand continuing to outpace supply, as it has done for much of the year. While year-to-date sales increased 5.1 per cent, year-to-date residential housing listings decreased 8.4 per cent, representing approximately 3,000 fewer homes on the market this year compared to the same period in 2004.
According to the Real Estate Board of Greater Vancouver, there were 3,652 residential sales of detached, attached and apartment properties listed on the Multiple Listing Service® (MLS®) in July 2005, a 21 per cent increase over July 2004 when there were 3,019 sales. There were a total of 25,168 residential sales from January 1 to July 31, 2005, a 5.1 per cent increase compared to 23,940 sales during the same period in 2004.
“Sales activity in June and July show we have a real estate market that continues to keep pace with our economy,” says REBGV President Georges Pahud. “Strong consumer demand, low and stable interest rates, job stability and a robust economy ensure a steady housing market.
“While the realities of supply and demand are influencing housing prices, it’s important to note that over 60 per cent of all sales recorded in July were below the average prices across all three residential property types,” Pahud says. “So while prices are increasing, there are many properties priced within affordable ranges.”
According to the MLS®, sales of attached properties increased 33.4 per cent, with 647 units sold in July 2005 compared to 485 units sold the same month last year. According to the Board’s Housing Price Index (HPI), the benchmark price of an attached property reached $336,343, up 10.8 per cent from 2004.
Sales of apartment properties increased 18.6 per cent in July 2005 to 1,567 sales, compared to 1,321 sales in July 2004. The benchmark price of an apartment property in Greater Vancouver is $267,814, up 16.5 per cent from one year ago.
Sales of detached properties in July 2005 totaled 1,438 units, an increase of 18.5 per cent compared to 1,213 sales in July 2004. The benchmark price of a detached home increased to $539,815, up 11.8 per cent from a year ago.
Bright spots in Greater Vancouver in July 2005 compared to July 2004:
Burnaby up 30.5% (137 units sold, up from 105)
Coquitlam up 38.7% (147 units sold, up from 106)
Maple Ridge/Pitt Meadows up 64.9% (183 units sold, up from 111)
Richmond up 31.8% (170 units sold, up from 129)
Burnaby up 42.9% (90 units sold, up from 63)
Coquitlam up 47.2% (53 units sold, up from 36)
Maple Ridge/Pitt Meadows up 22.2% (66 units sold, up from 54)
North Vancouver up 57.1% (44 units sold, up from 28)
Port Moody/Belcarra up 66.7% (35 units sold, up from 21)
Richmond up 19.3% (130 units sold, up from 109)
Vancouver East up 63.3% (49 units sold, up from 30)
Vancouver West up 46.2% (95 units sold, up from 65)
Burnaby up 13.5% (219 units sold, up from 193)
New Westminster up 110.1% (145 units sold, up from 69)
Richmond up 20.6% (170 units sold, up from 141)
Vancouver East up 28.9% (174 units sold, up from 135)
Vancouver West up 15.8% (556 units sold, up from 480)