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July housing market remains stable

Vancouver, BC - The Real Estate Board of Greater Vancouver (REBGV) reports that year-to-date sales to the end of July are up 9.1 per cent in comparison to the same time last year. Sales of detached, attached and apartment properties decreased by 25 per cent to 3,017 units sold in July 2004, compared to 4,023 sales in July 2003. Also, sales increased 13 per cent compared to July 2002 when 2,670 units were sold.

"Two thousand and three was such a banner year for home sales. Our market continues to be one of the strongest in recent history. We are still selling far more properties monthly than we were three or four years ago," says REBGV President Andrew Peck.

"To understand this market, it's important to compare it to what happened in previous years. Such a comparison reveals that we are continuing to experience a vibrant and flourishing market, largely due to a strong BC economy and confidence in real estate as an investment.

"It's also important to note that sales figures for July reflect a return to more normal market cycles, when consumers take a break for summer vacations," Peck says. "We have a strong healthy summertime market."

According to Multiple Listings Service data, sales of apartment properties decreased 15.5 per cent in July 2004 to 1,322 sales, compared to 1,565 sales in July 2003. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $242,470, up 19.6 per cent from one year ago.

Sales of attached properties decreased 24.3 per cent in July 2004 to 484 units sold, compared to 639 units in July 2003. The benchmark price of an attached unit is $324,530, up 19.3 per cent from July 2003.

Sales of detached properties decreased 33.4 per cent to 1,211 sales in July 2004 compared to 1,819 sales in July 2003. The benchmark price of a detached home increased to $493,010 up 15.4 per cent from a year ago.

Bright spots in Greater Vancouver in July 2004 compared to July 2003:
Attached:
Sunshine Coastup 55.6% (14 units sold, up from 9)

Apartments:
Burnaby up 31.3% (193 units sold, up from 147)
Port Moody/Belcarra up 122.2% (20 units sold, up from 9)
Sunshine Coastup 166.7% (8 units sold, up from 3)

The Real Estate Industry is a key economic driver in British Columbia. In 2003, dollar volume sales of homes province-wide set a new record at more than $24 billion. Based on this figure, BC home sales in 2003 generated over $1.8 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 7,200 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing ServiceĀ®, and works with industry affiliates to address issues that impact the real estate consumer. For more information on real estate, statistics, and buying or selling a home, visit www.realtylink.org.

For more information please contact:

Eileen Day, Manager of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3028 Fax: (604) 730-3102
E-mail: eday@rebgv.org



        now viewing: MONTHLY REPORT