Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports overall residential sales in May soared to an all time high. Condo sales were the best ever on record. Attached sales reached the highest level since March 1992 and detached sales rose to the highest level since April 2002. Sales of detached, attached and apartment properties increased by 13.2 per cent to 4,434 units sold in May 2005, compared to 3,916 sales in May 2004.
“May was yet another booming month for residential real estate. Consumers are demonstrating confidence in the economy and investing in real estate,” says Georges Pahud, REBGV president. "There are a number of factors that continue to drive this market: interest rates remain low, along with inventory; demand for homes remains high, especially in the more affordable price ranges.
“The high number of condo sales indicates that buyers looking for a certain lifestyle are still steering the market,” Pahud says. “Condo developments are typically located so that shopping and cultural activities combined with access to parks and recreation are right at your door.”
According to Multiple Listings Service data, sales of apartment properties increased 11.8 per cent in May 2005 to 1,974 sales, compared to 1,766 sales in May 2004. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $258,439, up 13.1 per cent from one year ago.
Sales of attached properties increased 17.3 per cent in May 2005 to 684 units sold, compared to 583 units in May 2004. The benchmark price of an attached unit is $325,650, up 8.9 per cent from May 2004.
Sales of detached properties totalled 1,776, an increase of 13.3 per cent compared to 1,567 sales in May 2004. The benchmark price of a detached home increased to $523,603, up 8.7 per cent from a year ago.
Bright spots in Greater Vancouver in May 2005 compared to May 2004:
Coquitlam up 17.3% (176 units sold, up from 150)
Maple Ridge/Pitt Meadows up 6.6% (193 units sold, up from 181)
Richmond up 14.7% (211 units sold, up from 184)
Vancouver East up 24.2% (293 units sold, up from 236)
Vancouver West up 17.3% (210 units sold, up from 179)
West Van/Howe Sound up 43.5% (99 units sold, up from 69)
Coquitlam up 23.3% (53 units sold, up from 43)
North Vancouver up 32.6% (61 units sold, up from 46)
Port Coquitlam up 30.3% (43 units sold, up from 33)
Port Moody/Belcarra up 39.1% (32 units sold, up from 23)
Richmond up 23.1% (149 units sold, up from 121)
Vancouver West up 28.1% (82 units sold, up from 64)
Burnaby up 35% (274 units sold, up from 203)
New Westminster up 141% (159 units sold, up from 66)
North Vancouver up 20.6% (144 units sold, up from 120)
Port Coquitlam up 89.7% (55 units sold, up from 29)
Port Moody/Belcarra up 83.3% (33 units sold, up from 18)
Richmond up 80% (306 units sold, up from 170)
Vancouver East up 47.2% (262 units sold, up from 178)