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 31 per cent to 2,703 in May 2001 compared to 2,059 during the same period in 2000, representing the highest number of sales in any given month since April 1997.
According to Multiple Listing Service data, sales of attached properties increased 51 per cent, with a total of 432 units sold in May 2001 in comparison to 287 sales in May 2000. The attached benchmark price, calculated by the Board’s Housing Price Index, is $220,120, up just over one per cent from one year ago.
"As we continue to enjoy low interest rates, consumers consider this a good time to buy. We believe first-time buyers and young families looking for roomier accommodations are taking advantage of the opportunity to enter the condo and townhouse markets," said REBGV President Don Pearce. "Furthermore, with the election of a new government, consumers are demonstrating increased confidence in the economy."
Sales of apartments increased 32 per cent to 776 in May 2001 from 587 in May 2000. The benchmark price for a Greater Vancouver apartment is $158,740, a decrease of two per cent in comparison to last year.
Year over year, sales of detached properties increased 26 per cent in May, with 1,495 sales compared with 1,185 sales in May 2000. The detached properties benchmark price is $354,010, an increase of just over two per cent over the same period last year.
A number of bright spots were noted in Greater Vancouver communities in May 2001 compared to May 2000:
Burnaby up 35% (120 units sold from 89)
Coquitlam up 49% (150 units sold from 101)
Maple Ridge / Pitt Meadows up 38% (126 units sold from 91)
North Vancouver up 36% (158 units sold from 116)
Richmond up 25% (144 units sold from 115)
Sunshine Coast up 65% (56 units sold from 34)
Vancouver East up 44% (292 units sold from 203)
Vancouver West up 28% (182 units sold from 142)
Burnaby up 89% (66 units sold from 35)
Coquitlam up 177% (36 units sold from 13)
Port Coquitlam up 67% (35 units sold from 21)
Richmond up 88% (109 units sold from 58)
Vancouver West up 62% (63 units sold from 39)
New Westminster up 114% (47 units sold from 22)
North Vancouver up 37% (71 units sold from 52)
Port Coquitlam up 82% (20 units sold from 11)
Richmond up 40% (91 units sold from 65)
Vancouver East up 27% (65 units sold from 51)
Vancouver West up 48% (296 units sold from 200)