Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties remained relatively unchanged with a less than one per cent decrease to 3,501 units sold in June 2004, compared to 3,525 sales in June 2003. Moreover, sales increased 30.2 per cent compared to June 2002 when 2,689 units were sold.
“2004 continues to be an outstanding year with even more sales to date than our record setting pace in 2003. Our year-to-date sales this year are up nearly 17 per cent in comparison to the same time last year. This market remains one of the strongest in Board history, and we don’t see any signs of a significant slowdown,” says REBGV President Andrew Peck.
“Even with slight increases in mortgage rates, buyers are not shying away from this market. We would need to see a significant shift in mortgage rates and an economic slowdown in the province to curb buyer enthusiasm.”
According to Multiple Listings Service data, sales of apartment properties increased 10.4 per cent in June 2004 to 1,496 sales, compared to 1,355 sales in June 2003. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $241,180, up 21.7 per cent from one year ago.
“Condos continue to be the big story with nearly 45 per cent of sales in the Greater Vancouver market being apartments,” Peck says. “In areas like Burnaby and Coquitlam over 90 per cent of condo listings are being snapped up by buyers. The only area to show a small decrease in sales is the Westside where we saw some significant new projects being sold earlier this year, but nothing big being released in June.”
Sales of attached properties increased 8.8 per cent in June 2004 to 556 units sold, compared to 511 units in June 2003. The benchmark price of an attached unit is $321,600, up 18.5 per cent from June 2003.
Sales of detached properties decreased 12.7 per cent in June to 1,449 sales, compared to 1,659 sales in June 2003. The benchmark price of a detached home increased to $501,380 up 18.7 per cent from a year ago.
Bright spots in Greater Vancouver in June 2004 compared to June 2003:
Sunshine Coast up 57.7% (82 units sold, up from 52)
Coquitlam up 44.4% (39 units sold, up from 27)
Maple Ridge/Pitt Meadows up 31.8% (58 units sold, up from 44)
Vancouver East up 74.1% (47 units sold, up from 27)
Burnaby up 50. % (207 units sold, up from 169)
New Westminster up 38.6% (79 units sold, up from 57)
Port Coquitlam up 43.5% (33 units sold, up from 23)
Richmond up 45.6% (217 units sold, up from 149)
Vancouver East up 43.1% (176 units sold, up from 123)