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 Greater Vancouver resale market has performed well throughout 1999 and the November housing statistics are right on track in the market’s upward climb.
The Real Estate Board of Greater Vancouver (REBGV) reports that overall sales for Greater Vancouver detached, attached and apartment properties reached 1,775 units, an increase of 15 per cent from 1,546 units sold in November 1998.
Detached homes sales showed steady improvement in November, 1999 as 978 units sold this month compared to 852 units sold in November 1998, an increase of 15 per cent. According to the Board’s Housing Price Index (HPI), the benchmark or typical price of a detached home in Greater Vancouver is $339,280, up three per cent from one year ago.
Will this trend in the Greater Vancouver resale market continue? Dick Coates, REBGV president is optimistic that it will. "The best indicator of future market conditions is based on recent trends. And the past 11 months of increased sales over 1998 levels show every indication that this upward trend will likely continue," Coates says.
The Board also reports that November sales of apartment properties brought in the greatest increase for the third month in a row, rising 20 per cent over the same month last year. Total apartment units sold in November 1999 reached 542, compared to 450 units sold in November,1998. The Benchmark price of an apartment in Greater Vancouver is $158,830, reflecting no change from the 1998 level.
In the attached (townhouse) category this month’s sales activity increased by 4 per cent, with 255 units sold in November 1999, compared to 244 units sold during the same month last year. The benchmark price of an attached home in Greater Vancouver is $218,590, up one per cent from 1998
Bright spots in November 1999 compared to November 1998 include:
Coquitlam up 36% (121 units sold from 89)
Maple Ridge/Pitt Meadows up 29% (93 units sold from 72)
New Westminster up 43% (23 units sold from 16)
Sunshine Coast up 82% (40 units sold from 22)
Vancouver (East) up 33% (184 units sold from 138)
Burnaby North up 31% (25 units sold from 19)
Coquitlam up 39% (28 units sold from 21)
North Vancouver up 20% (24 units sold from 20)
Burnaby North up 20% (24 units sold from 20)
Coquitlam up 38% (25 units sold from 18)
Maple Ridge/Pitt Meadows up 150% (20 units sold from 8)
North Vancouver up 54% (60 units sold from 39)
Vancouver Westside up 39% (223 units sold from 160)
West Vancouver up 91% (21 units sold from 11)