Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that overall sales of detached, attached and apartment properties were 1,730 units in November 2000 compared to 1,786 units during the same period in 1999.
While sales figures remained relatively constant over the previous year, speakers at both the B.C. Business Summit and Canada Mortgage and Housing Corporations recent Housing Outlook Conference say B.C. is poised for an upturn in the housing market during the next few years.
The growing high-technology sector, coupled with an increase in the use of the Internet as a tool for home-shopping, and of course the proximity of a provincial election and positive investment climate, are expected to have a significant impact on the housing market, says REBGV President Bill Phillips.
According to Multiple Listing Service data, sales of detached properties decreased 8 per cent, with a total of 903 units sold in November 2000, in comparison to 983 sales in November 1999. The detached benchmark price, calculated by the REBGVs Housing Price Index, is $340,490, down 1 per cent from one year ago.
Sales of attached properties remained relatively unchanged in comparison to last year, with 262 sales last month compared to 256 sales in November 1999. The attached properties benchmark price of $218,520 reveals an increase of 1.6 per cent over the same period last year.
Year over year sales of apartments declined 9 per cent in November to 826 from last years figure of 909. Prices of apartments continued to remain stable, with a benchmark price of $159,160 for a Greater Vancouver apartment.
Several bright spots were noted in Greater Vancouver communities in November 2000 compared to November 1999:
Burnaby up 20% (83 units sold from 69)
West Vancouver up 17% (49 units sold from 42)
Maple Ridge up 47% (25 units sold from 17)
Burnaby up 21% (64 units sold from 53)
Coquitlam up 56% (39 units sold from 25)
New Westminster up 30% (30 units sold from 23)