Monthly Market Report
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The Real Estate Board of Greater Vancouver reports that sales of detached, attached and apartment properties totaled 2,476 in September 2002, up 15 per cent from 2,155 properties sold during the same period in 2001.
According to Multiple Listing Service data, sales of apartment properties increased 30 per cent, with a total of 866 units sold in September compared with 668 in September 2001. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $179,811 up 11 per cent from one year ago.
“The market is performing very well with September sales outpacing August,” said Stephanie Corcoran, President of the Real Estate Board of Greater Vancouver. “Bolstering this active market are continuing low interest rates and the ongoing uncertainty in the stock market which is driving many people to invest in real estate.”
Sales of attached properties are up 16 per cent from one year ago, with 390 sales in September 2002, compared with 336 sales in September 2001. The benchmark price of an attached property showed the highest rate of increase of any property type, rising to $246,137, up 12 per cent over September 2001.
Sales of detached properties totaled 1,220 in September 2002, a six per cent increase from 1,151 detached units sold in September 2001. The detached benchmark price $387,685, an increase of eight per cent from September 2001.
Bright spots in Greater Vancouver area in September 2002 compared to September 2001:
Burnaby up 16% (114 units sold from 98)
Richmond up 11% (150 units sold from 135)
Squamish up 38% (18 units sold from 13)
Sunshine Coast up 72% (67 units sold from 39)
Vancouver West up 13% (138 units sold from 122)
Burnaby up 21% (52 units sold from 43)
Maple Ridge/P. Meadows up 111% (59 units sold from 28)
North Vancouver up 125% (45 units sold from 20)
Squamish up 20% (6 units sold from 5)
Vancouver East up 29% (22 units sold from 17)
Coquitlam up 20% (54 units sold from 45)
Delta up 60% (16 units sold from 10)
Port Coquitlam up 67% (30 units sold from 18)
Port Moody up 133% (14 units sold from 6)
Richmond up 30% (91 units sold from 70)
Vancouver East up 104% (96 units sold from 47)
Vancouver West up 38% (352 units sold from 255)