Monthly Market Report
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September home sales in the Greater Vancouver area reflect steady growth and slightly rising benchmark prices.
The Real Estate Board of Greater Vancouver (REBGV) reports that overall sales for Greater Vancouver detached, attached and apartments rose eight per cent in September with 1,852 units sold, up from the 1,709 units sold in September 1998.
The Board also reports an improvement in the number of residential sales throughout all price categories. The largest increase occurred in the $350,000 - 500,000 price range as 1999 year-to-date sales reached 2,487 units, an increase of 27 percent compared to 1,951 units sold during the same period last year.
"The vigour in the real estate market over the past nine months shows promise that the BC economy is gradually recovering; however, it continues to be held back by current provincial economic policy," says REBGV vice president, Bill Phillips.
Detached homes sales reached 1,005 units sold, an increase of nine per cent, from 925 units sold in September 1998. According to the Board's Housing Price Index (HPI), a benchmark or typical price of a detached home in Greater Vancouver is $338,220, up three per cent from one year ago. Sales of attached homes rose three per cent with 268 units sold in September 1999, compared to 261 units sold September 1998. The benchmark price of an attached home in Greater Vancouver is $218,350, up one per cent from 1998.
Apartment property sales improved 11 per cent, with 579 units sold in September 1999, compared to 523 units sold in the same month last year. The benchmark price of an apartment in Greater Vancouver is $161,500, up one percent from September 1998.
According to a senior economist at the Toronto Dominion Bank, the rise in housing sales in the resale market is a positive sign that should help boost housing starts down the road.
Bright spots in September 1999 compared to September 1998 include:
Burnaby (North) up 74% (54 units sold from 31)
Burnaby (South) up 51% (50 units sold from 33)
Port Moody/Belcarra up 35% (19 units sold from 14)
Richmond up 31% (109 units sold from 83)
Sunshine Coast up 20% (41 units sold from 34)
West Vancouver up 20% (59 units sold from 38)
North Vancouver up 38% (25 units sold from 18)
Vancouver (East) up 43% (23 units sold from 16)
Vancouver (West) up 30% (34 units sold from 26)
North Vancouver up 35% (54 units sold from 40)
Vancouver (West) up 22% (264 units sold from 215)