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March 1, 1999

Real estate sales increase significantly

VANCOUVER -- The Real Estate Board of Greater Vancouver (REBGV) reports that overall sales for Greater Vancouver detached, attached and apartments increased by 10 per cent compared to February 1998.

Housing sales in the detached category increased by 10 per cent, with 919 units sold compared to 835 sold in February 1998. According to the Board's Housing Price Index (HPI), a benchmark or typical, price of a detached home in Greater Vancouver is $337, 690.

In the attached or townhouse category, sales increased by 19 per cent, with 259 units sold in February 1999, compared to 216 units sold the same month last year. The benchmark price of a townhouse in Greater Vancouver is $214,200.

Apartment sales were up by five per cent, with 501 units sold in February 1999, compared to 475 units sold in the same month last year. The benchmark price for an apartment in Greater Vancouver is $150, 880.

"February has shown a remarkable turnaround in the Greater Vancouver real estate market," says REBGV president, Calvin R. Lindberg. "We haven't experienced this type of sales activity since the Asian flu first impacted our province."

Lindberg says the increased activity can be attributed to the old adage of 'supply and demand.' "This month, although sales are up significantly, active listings are down by 13 per cent over last year," says Lindberg. "This reduced inventory and increased demand should allow housing prices to stabilize in the near future."

Other industry experts confirm this trend towards increased housing market demand in Greater Vancouver. According to a recent Canada Mortgage and Housing Corporation (CMHC) survey, one in 10 Greater Vancouver households say they intend to purchase a home this year.

Bright spots in the Greater Vancouver market include:

  • Coquitlam - detached sales improved by 14 per cent.
  • East Vancouver - detached sales improved by 16 per cent. Attached and apartment sales increased as well.
  • Maple Ridge/Pitt Meadows - detached sales improved by three per cent and attached sales increased by 22 per cent.
  • Port Moody - sales improved in all categories.
  • North Vancouver - detached sales improved by 16 per cent, attached sales increased by 33 percent and apartment sales increased by 60 per cent.
  • Richmond - detached sales improved by 15 per cent, attached sales increased by two percent and apartment sales increased by 33 per cent.
  • Sunshine Coast and West Vancouver experienced sales improvements in all categories.
The Real Estate Board of Greater Vancouver is an association of Realtors committed to providing its 8,000 members with the structure and services to ensure a high standard of business practices and ethics, and to effectively serve the real estate needs of the community. For the most comprehensive source for real estate listings, statistics and community information, contact your local Realtor, pick up a copy of REBGV's RealtyLink - In Print or visit the RealtyLink - On Line website at www.realtylink.org.

For more information contact:

Michele Lerable, APR, Communications
E-mail: mlerable@rebgv.bc.ca
Phone: (604) 730-3028
Fax: (604) 730-3102

 

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