Monthly Market Report
Be the first to know! Read our monthly housing market reports to get the most up-to-date statistics and to hear our perspective on what the latest buying and selling trends mean for you.
The latest housing sales statistics from the Real Board of Greater Vancouver (REBGV) reveal a significant increase in the number of high-end homes sold so far this year.
Year-to-date figures for May show property sales over one million dollars reached 144 units, compared to 95 units sold during the same period last year. "The 52 per cent increase shows that market activity is accelerating in this price category after soft sales were experienced in 1999," said Bill Phillips, REBGV president. "These home purchasers tend not to be as constrained by rising interest rates as other homebuyers."
Increased unit sales of year-to-date activity occurred in all price categories over $500,000, with the exception of one small dip of six units in the $900,000 - $999,999 category. Property sales under $60,000 also improved as 169 units changed hands during the first five months of this year, compared to 75 units last year, a climb of 125.3 per cent.
The Board also reports that unit sales of apartments fared well last month. The 585 units sold reflect a 15 per cent increase over May 1999 figures. Unit sales of both detached and attached properties saw a modest decline compared to last year.
"Our MLS® statistics show that overall the market is very stable and demonstrates a renewed confidence in the housing market," Phillips said.
According to the Board's Housing Price Index (HPI), no change was recorded in the benchmark prices of Greater Vancouver apartments or attached properties. They remained stable at $162,040 and $218,950 consecutively. The detached benchmark price continues it's upward trend at $351,310, which is a one-year increase of 4.3 per cent.
Several bright spots were noted in May, 2000 compared with May 1999:
up 25% (65 units sold from 52)
up 34% (39 units sold from 29)
up 43% (33 units sold from 23)
up 42% (20 units sold from 14)
up 31% (76 units sold from 58)
up 16% (21 units sold from 18)
up 35% (23 units sold from 17)
up 81% (49 units sold from 27)
up 9% (200 units sold from 182)
up 33% (20 units sold from 15)