Monthly Market Report
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After three quarters of decline in housing sales, the Real Estate Board of Greater Vancouver reports that residential properties sales in October totalled 1,765 units, an increased of four per cent compared with one year ago.
Sales of townhouses increased 21 per cent in October, the first upward movement since February, 2000. A total of 268 attached properties changed hands last month, compared with 222 last year. The benchmark price calculated by the Board’s Housing Price Index is $213,010, down two per cent from one year ago.
"This could be the turning point the Greater Vancouver real estate market has been waiting for," said REBGV president, Bill Phillips. "Lifestyle changes have played a big part in prompting homeowners to move up to a bigger homes and encouraging renters to become owners of real estate." Phillips also noted that the change in the market could be in anticipation of a provincial election just around the corner.
Detached properties also showed an improvement of four per cent. Units sold in October 2000 were recorded at 961, compared with 917 in October 1999. The detached benchmark price of $337,750 reveals a decline of one per cent over the same period last year.
Year-over-year sales of apartments were down 19 units or 3 per cent in October from last year’s figure of 555 units. Prices of apartments remain stable. No change was recorded in the $158,360 benchmark price for a Greater Vancouver apartment
Several bright spots were noted in Greater Vancouver communities in October 2000 compared with October 1999.
Coquitlam up 38% (97 units sold from 70)
South Delta up 59% (51 units sold from 32)
New Westminster up 27% (28 units sold from 22)
Port Coquitlam up 32% (41 units sold from 31)
West Vancouver up 27% (55 units sold from 43)
Burnaby up 100% (40 units sold from 20)
Burnaby (North) up 80% (18 units sold from 10)
Richmond up 23% (53 units sold from 43)
Vancouver West up 17% (33 units sold from 28)
Burnaby up 30% (73 units sold from 56)
Coquitlam up 24% (31 units sold from 25)
New Westminster up 47% (30 units sold from 16)
Richmond up 52% (61 units sold from 40)