Monthly Market Report
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Low interest rates and a steady rise in demand continue to fuel the residential real estate market in Greater Vancouver. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased by 18.1 per cent to 3,018 units sold in November 2003, compared to 2,555 sales in November 2002.
“We are experiencing a healthy market as we head into the New Year,” says Bill Binnie, REBGV president.
“Condominium sales continue to be high as buyers take advantage of interest rates and entry-level prices.
“This is only the second time in our Board’s history that sales for November have exceeded 3,000,” Binnie says. “The market activity shows that consumers continue to see this as a great time to buy or sell a home.”
According to Multiple Listings Service data, sales of apartment properties increased 32.3 per cent in November 2003 to 1,263 sales compared to 955 sales in November 2002. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $212,750, up 16.1 per cent from one year ago.
Sales of attached properties increased 20.3 per cent in November 2003 to 451 units sold compared to 375 units in November 2002. The benchmark price of an attached unit is $281,830, up 15.3 per cent from November 2002.
Sales of detached properties totaled 1,304, an increase of 6.4 per cent compared to 1,225 sales in November 2002. The benchmark price of a detached home increased to $446,150, up 14.8 per cent from a year ago.
Bright spots in Greater Vancouver in November 2003 compared to November 2002:
Burnaby up 17.4% (128 units sold, up from 109)
Maple Ridge/P. Meadows up 17.9% (132 units sold, up from 112)
Port Coquitlam up 26.5% (62 units sold, up from 49)
Port Moody/Belcarra up 33.3% (28 units sold, up from 21)
Vancouver West up 21.2% (160 units sold, up from 132)
Burnaby up 23.5% (63 units sold, up from 51)
Maple Ridge/Pitt Meadows up 54.3% (54 units sold, up from 35)
North Vancouver up 20% (30 units sold, up from 25)
Richmond up 26.2% (106 units sold, up from 84)
Vancouver East up 116.7% (39 units sold, up from 18)
Vancouver West up 27.9% (55 units sold, up from 43)
Burnaby up 45.6% (131 units sold, up from 90)
Coquitlam up 21.4% (68 units sold, up from 56)
Maple Ridge/Pitt Meadows up 61.1% (29 units sold, up from 18)
North Vancouver up 13.3% (102 units sold, up from 90)
Richmond up 25% (140 units sold, up from 112)
Vancouver East up 27.6% (97 units sold, up from 76)
Vancouver West 47.6% (574 units sold, up from 389)