Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached, and apartment properties decreased 2.59 per cent to 3,304 units in March 2003 compared to 3,392 sales in March 2002.
March 2003 sales represent an increase of 19.71 per cent over February 2003 when 2,760 sales were recorded.
“Though the market is slightly lower from the same time last year, we need to keep in mind last year was a banner year. Sales will continue to grow as we head into spring,” says Bill Binnie, REBGV president. “This increase is typical for this time of year. What is not so typical is the low inventory caused by the record number of sales. Because of this, realtors in Greater Vancouver have been kept busy providing their clients with the most current listings and sales information.”
According to Multiple Listing Service data, sales of apartment properties increased 6.22 per cent in March 2003 to 1,229 sales compared to 1,157 sales recorded in March 2002. Fist time homebuyers and investors alike stepped up this segment spurred on by historically low interest rates and a higher level of consumer confidence. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $192,830, up 9.5 per cent from one year ago.
Sales of detached properties totaled 1,523, a decrease of 11.4 per cent compared to 1,719 sales in March 2002. The benchmark price of a detached home increased to $410,970, up 8.6 per cent from a year ago.
Sales of attached properties increased 6.9 per cent to 552 units compared to 516 units in March 2002. The benchmark price of an attached unit is $260,250, up 9.3 per cent from March 2002.
Bright spots in Greater Vancouver in March 2003 compared to March 2002:
Squamish up 28.5% (27 units sold up from 21)
Squamish up 85.7% (13 units sold up from 7)
Port Coquitlam up 73.6% (33 units sold up from 19)
Vancouver West up 36.6% (82 units sold up from 60)
West Vancouver up 116.6% (13 units sold up from 6)
Vancouver East up 70% (136 units sold up from 80)
Squamish up 433.3% (16 units sold up from 3)