Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that year-to-date sales for November 2004 remained stable with a 2.3 per cent decrease in units sold compared to 2003. Sales of detached, attached and apartment properties decreased by 17.6 per cent to 2,486 units sold in November 2004, compared to 3,018 sales in November 2003.
“The attraction of low interest rates, renewed confidence in BC investment, and a positive outlook on real estate continue to drive a thriving market,” says REBGV President Andrew Peck. “Real estate sales continue to be one of the key driving factors in the provincial economy.
“There appears to be a tightening of new listings onto the market, as we’re seeing a higher rate of absorption,” Peck says. “Single family sales remain strong as move-up buyers continue to drive the market. We expect 2004 to go down in history as the second best year in MLS history.”
According to Multiple Listings Service data, sales of apartment properties decreased 17.4 per cent in November 2004 to 1,043 sales, compared to 1,263 sales in November 2003. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $246,970, up 15.1 per cent from one year ago.
Sales of attached properties decreased 10.9 per cent in November 2004 to 402 units sold, compared to 451 units in November 2003. The benchmark price of an attached unit is $325,160, up 14.3 per cent from November 2003.
Sales of detached properties decreased 20.2 per cent to 1,041 sales in November 2004 compared to 1,304 sales in November 2003. The benchmark price of a detached home increased to $489,430, up 8.9 per cent from a year ago.
Bright spots in Greater Vancouver in November 2004 compared to November 2003:
Burnaby up 8.4% (142 units sold, up from 131)
New Westminster up 69% (71 units sold, up from 42)
Port Coquitlam up 28% (32 units sold, up from 25)
Vancouver East up 42.3% (138 units sold, up from 97)
Port Moody/Belcarra up 63.2% (31 units sold, up from 19)