Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that year-to-date sales to the end of October are up 10.1 per cent in comparison to the same time last year. Sales of detached, attached and apartment properties increased by 13.4 per cent to 3,099 units sold in October 2005, compared to 2,734 sales in October 2004.
“In the last twenty-fi ve years, October sales numbers have reached over 3,000 only three times,” says REBGV President Georges Pahud. “Even as benchmark prices increased in comparison to last year, we’re seeing more than 64 per cent of home sales under the average price.
“Although, there are fewer listings compared to last year, this continues to be a steady and healthy market, still fuelled by a revving economy, lower interest rates, and higher employment and immigration fi gures,” Pahud says. “Consider as well, that Greater Vancouver real estate sales, listings, and prices are now part of a much larger economic base. We are no longer functioning on just a regional level. We’ve become part of the global economy and we are not only impacted by what’s happening here, but around the world.”
According to Multiple Listings Service data, sales of apartment properties increased slightly by 3.4 per cent in October 2005 to 1,314 sales, compared to 1,271 sales in October 2004. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $280,938, up 20.6 per cent from one year ago.
Sales of attached properties increased 26.5 per cent in October 2005 to 545 units sold, compared to 431 units in October 2004. The benchmark price of an attached unit is $348,016, up 12.7 per cent from October 2004.
Sales of detached properties increased 20.2 per cent to 1,240 sales in October 2005 compared to 1,032 sales in October 2004. The benchmark price of a detached home increased to $564,061 up 17.1 per cent from a year ago.
Bright spots in Greater Vancouver in October 2005 compared to October 2004:
Burnaby up 19.7% (121 units sold, up from 97)
Maple Ridge/Pitt Meadows up 76.9% (23 units sold, up from 13)
New Westminster up 17.9% (79 units sold, up from 67)
Richmond up 8.7% (175 units sold, up from 161)
Burnaby up 50% (99 units sold, up from 66)
Coquitlam up 44.4% (39 units sold, up from 27)
North Vancouver up 43.8% (46 units sold, up from 32)
Richmond up 48.8% (125 units sold, up from 84)
Burnaby up 24.7% (121 units sold, up from 97)
Coquitlam up 32% (136 units sold, up from 103)
Maple Ridge/Pitt Meadows up 65.2% (147 units sold, up from 89)
Port Coquitlam up 41.5% (58 units sold, up from 41)
Richmond up 10.7% (134 units sold, up from 121)
Vancouver East up 11.1% (190 units sold, up from 171)
Vancouver West up 11.8% (133 units sold, up from 119)