Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports overall sales are at the highest level since April 1991 and that condo sales soared to an all time high in March. Sales of detached, attached and apartment properties increased by 32.3 per cent to 4,371 units sold in March 2004, compared to 3,304 sales in March 2003.
“Condominiums remain a very popular choice for first-time buyers and people who want the lifestyle of the urban centre,” says Andrew Peck, REBGV president. “Condo developments are typically located so that shopping and cultural activities together with lots of parks and recreation are at your doorstep.
“Consumers, particularly younger first time buyers, continue to choose home ownership as a great investment,” Peck says. “There are a number of factors driving this market, particularly huge consumer confidence in investing in real estate. It has a proven track record.”
According to Multiple Listings Service data, sales of apartment properties increased 60 per cent in March 2004 to 1,967 sales, compared to 1,229 sales in March 2003. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $232,800, up 21.1 per cent from one year ago.
Sales of attached properties increased 22.1 per cent in March 2004 to 674 units sold, compared to 552 units in March 2003. The benchmark price of an attached unit is $311,520, up 19.8 per cent from March 2003.
Sales of detached properties totalled 1,730, an increase of 13.6 per cent compared to 1,523 sales in March 2003. The benchmark price of a detached home increased to $485,130, up 18.3 per cent from a year ago.
Bright spots in Greater Vancouver in March 2004 compared to March 2003:
Burnaby up 10.9% (152 units sold, up from 137)
Coquitlam up 23.3% (185 units sold, up from 150)
Delta South up 56.3% (75 units sold, up from 48)
Richmond up 36.8% (234 units sold, up from 171)
Squamish up 73.9% (80 units sold, up from 46)
West Vancouver/Howe Sound up 30.7% (98 units sold, up from 75)
Burnaby up 19.8% (97 units sold, up from 81)
Coquitlam up 77.4% (55 units sold, up from 31)
Maple Ridge/Pitt Meadows up 12.7% (71 units sold, up from 63)
Port Moody/Belcarra up 88.9% (34 units sold, up from 18)
Richmond up 35.6% (141 units sold, up from 104)
Vancouver East up 71.4% (60 units sold, up from 35)
Coquitlam up 61.4% (92 units sold, up from 57)
New Westminster up 44.8% (97 units sold, up from 67)
North Vancouver up 11.4% (117 units sold, up from 105)
Port Coquitlam up 89.7% (55 units sold, up from 29)
Richmond up 98.5% (266 units sold, up from 134)
Vancouver East up 55.9% (212 units sold, up from 136)
Vancouver West up 92.3% (894 units sold, up from 465)