Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 3,873 units in July 2007, a thermometer-breaking 41.8 per cent increase when compared to 2,732 sales in July 2006 and an increase of 5.0 per cent when compared to 3,687 sales in July 2005.
This figure represents the second highest number of sales during the month of July in the Board’s history. The highest number of sales for that month was recorded in July 2003, when 4,023 sales were reported.
“At the beginning of the year, most experts predicted a slower market than what we’ve experienced for the past five years in the Greater Vancouver area,” says REBGV president Brian Naphtali. “To date, REALTORS® are reporting the exact opposite as the housing market continues to exceed market forecasts.”
During this period, new listings for detached, attached and apartment properties increased by 12.7 per cent to 4,924 units compared to the 4,370 units listed in July 2006. The total number of active listings increased by 7.6 per cent to 11,215 units when compared to July 2006’s 10,424 units.
“We saw a lot of movement this July in the sales of detached and apartment properties in almost every area of our Board. Some of this movement could be the result of the recent increase in interest rates as consumers who are locked into mortgages at a good rate move up in the market,” explains Naphtali. “With the average amount of days a property stays on the market holding steady at a brisk 38 days, consumers should contact their REALTOR® to find out how this will affect the sale or purchase of a home.”
According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 40.9 per cent to 1,674 sales in June 2007 compared to 1,188 sales in June 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $364,510, up 10.8 per cent from one year ago.
Sales of attached properties increased by 39.6 per cent in July 2007 to 716 sales, compared to 513 sales in July 2006. The benchmark price of an attached unit is $448,383, up 10.8 per cent from a year ago.
Sales of detached properties increased by 43.8 per cent in July 2007 to 1,483 sales, compared to 1,031 sales in July 2006. The benchmark price of a detached unit is $714,810, up 10.9 per cent from last year.
Bright spots in Greater Vancouver in July 2007 compared to July 2006:
Richmond up 80.4% (175 units sold, up from 97)
West Van/Howe Sound up 88.6% (83 units sold, up from 44)
Vancouver East up 72.0% (227 units sold, up from 132)
Sunshine Coast up 70.2% (80 units sold, up from 47)
Port Coquitlam up 55.0% (62 units sold, up from 40)
Burnaby up 47.2% (131 units sold, up from 89)
Port Moody/Belcarra up 158.8% (44 units sold, up from 17)
Port Coquitlam up 125.0% (45 units sold, up from 20)
Burnaby up 68.2% (106 units sold, up from 63)
North Vancouver up 39.4% (46 units sold, up from 33)
Whistler/Pemberton up 340.0% (22 units sold, up from 5)
Port Moody/Belcarra up 152.9% (43 units sold, up from 17)
New Wesminster up 69.0% (98 units sold, up from 58)
Port Coquitlam up 60.6% (53 units sold, up from 33)
Burnaby up 43.6% (237 units sold, up from 165)
Richmond up 52.6% (203 units sold, up from 133)
Vancouver West up 27.9% (578 units sold, up from 452)