Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that last month had the highest number of sales for the month of October since 1996.
Sales of detached, attached and apartment properties increased 35 per cent to 2,379 in October 2001 compared to 1,765 during the same period in 2000.
According to Multiple Listing Service data, sales of apartment properties increased 46 per cent with a total of 781 units sold in October 2001 in comparison to 536 sales in October 2000. The apartment benchmark price in Greater Vancouver, calculated by the Board’s Housing Price Index, is $161,040 up just over two per cent from one year ago.
“A 40-year low in the Bank of Canada rate, followed by competitive mortgage rates, make the buying process more affordable which keeps a good balance between buyer and seller demand. Today’s mortgage rates stand to save consumers thousands of dollars a year in interest when buying a big-ticket item like a home,” said REBGV President Don Pearce.
Sales of attached properties increased 40 per cent to 374 in October 2001 from 268 in October 2000. The attached benchmark price is $225,380 an increase of over five per cent in comparison to last year.
Year over year, sales of detached properties increased 27 per cent in October, with 1,224 sales compared with 961 sales in October 2000. The detached properties benchmark price is $360,820 an increase of almost seven per cent over the same period last year.
A number of bright spots were noted in Greater Vancouver communities in October 2001 compared to October 2000:
Burnaby up 41% (111 units sold from 79)
Maple Ridge / Pitt Meadows up 48% (135 units sold from 91)
North Vancouver up 27% (100 units sold from 79)
Port Coquitlam up 46% (60 units sold from 41)
Port Moody / Belcarra up 36% (30 units sold from 22)
Richmond up 40% (136 units sold from 97)
Squamish up 67% (20 units sold from 12)
Sunshine Coast up 108% (52 units sold from 25)
Vancouver East up 32% (229 units sold from 174)
Vancouver West up 30 % (134 units sold from 103)
Coquitlam up 65% (28 units sold from 17)
North Vancouver up 36% (34 units sold from 25)
Port Moody / Belcarra up 217% (19 units sold from 6)
Richmond up 26% (67 units sold from 53)
Vancouver East up 144% (39 units sold from 16)
Vancouver West up 70% (56 units sold from 33)
Burnaby up 38% (101 units sold from 73)
Coquitlam up 65 % (51 units sold from 31)
Maple Ridge/Pitt Meadows up 46% (19 units sold from 13)
New Westminster up 30% (39 units sold 30)
North Vancouver up 71% (65 units sold from 38)
Port Coquitlam up 144% (22 units sold from 9)
Richmond up 56% (95 units sold from 61)
Vancouver East up 81% (58 units sold from 32)
Vancouver West up 30 % (292 units sold from 224)
West Vancouver/Howe Sound up 220% (16 units sold from 5)