Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 2,722 units in October 2006, a decrease of 12.2 per cent when compared to the 3,099 units sold in October 2005 and a less than one per cent decrease when compared to the 2,734 sales in October 2004.
Month-over-month, October 2006 saw an increase in sales of 8.1 per cent when compared to the 2,519 units sold in September 2006. New listings for detached, attached and apartment properties increased by 20.3 per cent to 4,862 units compared to the 4,041 units listed in October 2005.
“Although sales have decreased by roughly 500 units over this time last year, the average days a residential property stayed on the market in Greater Vancouver remained virtually unchanged at 39 days,” says REBGV president Rick Valouche. “This past summer, properties were selling 10 days faster on average than they were in 2005, which was our best year on record. For 2006, demand continues to be the primary characteristic of our marketplace.”
“We’re seeing higher listing activity compared to last year, which may finally relieve some of the pressure on home prices,” notes Valouche. “Thanks to our expanding economy, strong inter-provincial migration and our reputation as one of the best cities in the world to call home, real estate in Greater Vancouver is still a great investment.”
According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 11.3 per cent to 1,165 sales in October 2006 compared to 1,314 sales in October 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $333,398, up 18.7 per cent from one year ago.
Sales of attached properties decreased by 13.4 per cent in October 2006 to 472 sales, compared to 545 sales in October 2005. The benchmark price of an attached unit is $410,434, up 17.9 per cent from a year ago.
Sales of detached properties decreased by 12.5 per cent in October 2006 to 1,085 sales, compared to 1,240 sales in October 2006. The benchmark price of a detached unit is $650,707, up 15.4 per cent from last year.
Bright spots in Greater Vancouver in October 2006 compared to October 2005:
West Vancouver/How Sound up 34.5% (74 units sold, from 55)
North Vancouver up 14.4% (103 unit sold, up from 90)
Port Moody/Belcarra up 18.5% (32 units sold, up from 27)
North Vancouver up 10.9% (51 units sold, up from 46)