Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 26 per cent to 2,155 in September 2001 compared to 1,707 during the same period in 2000.
According to Multiple Listing Service data, sales of attached properties increased 35 per cent, with a total of 336 units sold in September 2001 in comparison to 248 sales in September 2000. The attached benchmark price in Greater Vancouver, calculated by the Board’s Housing Price Index, is $219,370, up nearly two per cent from one year ago.
“The same ingredients that have fuelled the market to date are still in place. These are low mortgage rates, which recently dropped again, personal tax cuts, low rental vacancy rates and competitive housing prices,” said REBGV President Don Pearce. “With these factors, consumers see this as an optimal time to purchase a home.
“Consumer confidence appears to remain strong, despite the tragic events that recently shook the world,” Pearce said.
Sales of apartments increased 27 per cent to 668 in September 2001 from 527 in September 2000. The apartment benchmark price is $164,290, an increase of three per cent in comparison to last year.
Year over year, sales of detached properties increased 23 per cent in September, with 1,151 sales compared with 932 sales in September 2000. The detached properties benchmark price is $358,010, an increase of more than four per cent over the same period last year.
A number of bright spots were noted in Greater Vancouver communities in September 2001 compared to September 2000:
Burnaby up 23% (98 units sold from 80)
Coquitlam up 54% (122 units sold from 79)
Maple Ridge / Pitt Meadows up 60% (107 units sold from 67)
North Vancouver up 25% (105 units sold from 84)
Port Coquitlam up 28% (55 units sold from 43)
Richmond up 17% (135 units sold from 115)
Sunshine Coast up 44% (39 units sold from 27)
Vancouver East up 39% (193 units sold from 139)
West Vancouver / Howe Sound up 18% (59 units sold from 50)
Burnaby up 30% (43 units sold from 33)
Coquitlam up 40% (28 units sold from 20)
Maple Ridge / Pitt Meadows up 27% (28 units sold from 22)
Port Moody / Belcarra up 233% (20 units sold from 6)
Port Coquitlam up 160% (26 units sold from 10)
Burnaby up 75% (84 units sold from 48)
Coquitlam up 67% (45 units sold from 27)
North Vancouver up 33% (60 units sold from 45)
Port Coquitlam up 157% (18 units sold from 7)
Richmond up 30% (70 units sold from 54)
Vancouver East up 27% (47 units sold from 37)