Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties totaled 2,866 in October 2002, up 20.5 per cent from the 2,379 properties sold during the same period in 2001. Total sales increased an impressive 16 per cent October 2002 over September 2002 when 2,476 sales were recorded on the Multiple Listing Service.
According to Multiple Listing Service data, sales of apartment properties increased 32.7 per cent with a total of 1,036 units sold in October 2002 compared with 781 sales in October 2001. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $179,950, up 10.9 per cent from one year ago.
“This is the highest level of monthly sales since May 2002, which indicates a continued improving Greater Vancouver real estate market, fueled by a combination of favourable interest rates and continued pent-up demand for housing,” said Stephanie Corcoran, President of the Real Estate Board of Greater Vancouver. “Increased interest from investors is making for a robust condominium market.”
Sales of attached properties were up 15.5 per cent from one year ago, with 432 sales in October 2002, compared with 374 sales in October 2001. The attached properties benchmark price is $244,220, an increase of 9.4 per cent from the same period last year.
Sales of detached properties totaled 1,398 in October 2002, a 14.2 per cent increase from the 1,224 detached units sold in October 2001. The detached benchmark price is $384,200, an increase of 6.5 per cent in comparison to last year.
Bright spots in Greater Vancouver communities in October 2002 compared to October 2001:
Burnaby up 17% (130 units sold from 111)
Coquitlam up 42% (141 units sold from 99)
North Vancouver up 23% (123 units sold from 100)
Richmond up 24.4% (180 units sold from 136)
Port Coquitlam up 30.7% (34 units sold from 26)
Squamish up 100% (8 units sold from 4)
NewWestminster up 80% (9 units sold from 5)
Maple Ridge/Pitt Meadows up 48% (40 units sold from 27)
West Vancouver up 600% (7 units up from 1)
Delta up 66% (20 units sold from 12)
NewWestminster up 48.7% (58 units sold from 39)
Richmond up 26.3% (120 units sold from 95)
Vancouver East up 15.5% (67 units sold from 58)
Vancouver West up 53% (447 units sold from 292)
West Vancouver up 31.2% (21 units sold from 16)