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 8.5 per cent to 2,315 in March 2001 compared to 2,133 during the same period in 2000.
According to Multiple Listing Service data, sales of apartments increased 18.6 per cent to 728 in March 2001 from 614 in March 2000. The benchmark price for a Greater Vancouver apartment, calculated by the Board’s Housing Price Index, is $158,810, a decrease of just over 1 per cent in comparison to last year.
"We believe the growth in apartment sales is being driven by first-time buyers who deferred making a housing purchase when interest rates were high," said REBGV President Don Pearce. "They are now taking advantage of the lower interest rates to take on mortgages that are comparable to their rental costs. We’re also seeing couples with children take advantage of the current interest rates to move from apartments to roomier attached homes in affordable neighbourhoods."
Sales of attached properties increased 10.4 per cent, with a total of 372 units sold in March 2001 in comparison to 337 sales in March 2000. The attached benchmark price is $216,450, down 1 per cent from one year ago.
Year over year, sales of detached properties increased 2.8 per cent in March, with 1,215 sales compared with 1,182 sales in March 2000. The detached properties benchmark price is $355,550, an increase of more than 3 per cent over the same period last year.
Several bright spots were noted in Greater Vancouver communities in March 2001 compared to March 2000:
Burnaby up 6% (114 units sold from 108)
Coquitlam up 19% (124 units sold from 104)
Maple Ridge / Pitt Meadows up 9% (126 units sold from 116)
North Vancouver up 8% (121 units sold from 112)
Richmond up 26% (139 units sold from 110)
Vancouver East up 7% (201 units sold from 188)
North Vancouver up 96% (45 units sold from 23)
Richmond up 14% (74 units sold from 65)
Vancouver East up 48% (31 units sold from 21)
Burnaby up 60% (83 units sold from 52)
New Westminster up 49% (52 units sold from 35)
North Vancouver up 30% (61 units sold from 47)
Port Coquitlam up 108% (27 units sold from 13)
Richmond up 30% (96 units sold from 74)
Vancouver East up 33% (68 units sold from 51)
Vancouver West up 7% (248 units sold from 231)