Biggest year on record for Greater Vancouver housing sales
VANCOUVER, B.C. January 4, 2006 - Following the record-breaking sales pace of the last eight months, it's no surprise that 2005 was the biggest year on record for the Greater Vancouver residential housing market. Housing sales reached 40,530 for the year, surpassing the next highest total of 37,816 in 2003 by 7.2 per cent.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased by 10.8 per cent in 2005 when compared to the 36,593 sales in 2004.
"Last year was truly remarkable with sales exceeding 40,000 for the first time and the largest dollar volume of sales achieved in our Board history," says Georges Pahud, REBGV president.
"Many factors contributed to this accomplishment - mainly economics of course: interest rates, confidence in the economy, international and inter-provincial migration and employment, but mainly people: the public and their continuing faith in real estate and REALTORS®. Not forgetting that one of the fundamental reasons Greater Vancouver's real estate market continues to flourish is because it's a great place to live. This is a good time for consumers to buy real estate and be in Greater Vancouver," Pahud says.
According to Multiple Listings Service© (MLS©) data for the period between January 1 and December 31, 2005, sales of apartment properties increased 6.5 per cent to 17,061 sales, compared to 16,025 sales in 2004. Sales of attached properties increased 17.5 per cent to 6,804 units sold, compared to 5,791 units in 2004. Sales of detached properties totalled 16,665 in 2005, an increase of 12.8 per cent compared to 14,777 sales in 2004.
More than 64 per cent of homes sold in 2005 were under the average price of $427,469.
Overall housing sales for December 2005 increased 12.4 per cent to 2,332 in comparison to 2,075 in December 2004.
Sales of apartment properties increased 16.6 per cent to 1,033 sales in December 2005 compared to 886 sales in December 2004. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $282,079, up 19.7 per cent from one year ago.
Sales of attached properties increased 18.7 per cent in December 2005 to 438 units sold, compared to 369 units in December 2004. The benchmark price of an attached unit is $351,970, up 13.7 per cent from December 2004.
Sales of detached properties increased 5 per cent from one year ago, at 861 in December 2005 compared to 820 sales in December 2004. The benchmark price of a detached home increased to $567,417, up 18.5 per cent from 2004.
"It's a New Year and consumers interested in buying or selling a home should talk to their local REALTOR® to gain a good understanding of the factors currently influencing the housing market," Pahud advises.
Bright spots in Greater Vancouver in December 2005 compared to December 2004:
The Real Estate industry is a key economic driver in British Columbia. In 2004, dollar volume sales of homes in Greater Vancouver set a new record at more than $13.8 billion. Based on this figure, Greater Vancouver home sales in 2004 generated over $1 billion in related sales.
The Real Estate Board of Greater Vancouver is an association representing more than 8,100 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.realtylink.org.
*In August 2004, the Greater Vancouver and Fraser Valley boards upgraded our existing MLS® systems to a common system called MLSLink. MLSLink® HPI is the latest version of the Board’s Housing Price Index (HPI) and is designed to accommodate the MLS® upgrade and improve the legacy HPI product. For more information on real estate, statistics, and buying or selling a home, visit www.realtylink.org.
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Eileen Day, Manager of Communications
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