Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that year-to-date sales surpass the record-setting pace set in 2003, with 38,198 units sold so far this year. This represents an increase of 10.7% compared to November 2004 when 34,497 year-to-date sales were reported, and an 8% gain over the 35,382 year-to-date sales reported in November 2003.
Total property sales for November 2005 increased by 18.3 % to 2,938 units sold compared to 2,484 sales in November 2004.
“Although we saw the seasonal dip we expect in the fall, November sales were still outstanding,” says REBGV President Georges Pahud. “More than $1 billion worth of residential property changed hands. It’s now commonplace for Greater Vancouver to sell in that range, but it is still a huge number for our housing market.
“More than 64% of all sales last month were under the average price,” Pahud says. “Vancouver’s housing market is as strong as ever and is expected to break all previous records by year-end. Real estate continues to be a great investment.”
According to Multiple Listings Service data, sales of apartment properties were the second highest ever for a November, increasing 14 % to 1,187 sales, compared to 1,041 sales in November 2004. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $281,661 up 21 % from one year ago.
Sales of attached properties were the highest ever recorded for a November, increasing 29.1 % to 512 units sold, compared to 402 units in November 2004. The benchmark price of an attached unit is $347,935, up 13.8 % from November 2004.
Sales of detached properties increased 18.3 % to 1,232 sales in November 2005 compared to 1,041 sales in November 2004. The benchmark price of a detached home increased to $566,500, up 19 % from a year ago.
Bright spots in Greater Vancouver in November 2005 compared to November 2004:
New Westminster up 22.5% (87 units sold, up from 71)
North Vancouver up 14.3% (80 units sold, up from 70)
Richmond up 20.8% (145 units sold, up from 120)
Vancouver West up 24.1% (417 units sold, up from 336)
Burnaby up 59.6% (75 units sold, up from 47)
Coquitlam up 54.5% (34 units sold, up from 22)
Richmond up 18.8% (114 units sold, up from 96)
Vancouver West up 32.8% (77 units sold, up from 58)
Burnaby up 11.6% (106 units sold, up from 95)
Coquitlam up 24.7% (121 units sold, up from 97)
Maple Ridge/Pitt Meadows up 25.5% (133 units sold, up from 106)
New Westminster up 57.1% (33 units sold, up from 21)
Port Coquitlam up 32.6% (57 units sold, up from 43)
Richmond up 13% (139 units sold, up from 123)
Vancouver East up 31.3% (214 units sold, up from 163)