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October 3, 2000

Real estate market has room to grow

Vancouver, BC - Overall MLS® sales last month for detached, attached and apartment properties were recorded at 1,707 units. The Real Estate Board of Greater Vancouver (REBGV) reports that this is a decline of 8 per cent from 1,864 units sold in September 1999.

"Population growth and the rate of inflation are important indicators of future real estate trends," said REBGV President Bill Phillips. "With four quarters of steady growth in BC's population and inflation lower than expected, there is good evidence that the real estate market has room to grow."

"Stable interest rates and housing prices have encouraged buyers in several Greater Vancouver communities to act now when making home purchases," Phillips added.

According to the Board's Housing Price Index (HPI), the benchmark price of a detached home in Greater Vancouver is $341,900, up one per cent from one year ago. Detached home sales in September were recorded at 932 units, down 8 per cent last year.

In the attached category, the benchmark price is currently $219,050, with no change compared with the same time last year. Year-over-year attached property sales were down 7.5 per cent as 248 units changed hands last month compared with 268 in 1999.

Prices of apartments dipped slightly in September. The benchmark price of $157,450 is 2.3 per cent lower than one year ago. The number of apartments sold in September was 527 units, revealing a 9.3 per cent decrease from last year's sales of 581 units.

Several bright spots were noted in Greater Vancouver communities in September 2000 compared with September 1999.
Detached:
North Vancouver up 13% (84 units sold from 74)
Richmond up 5% (115 units sold from 109)
Squamish up 35% (23 units sold from 17)
Vancouver West up 16% (128 units sold from 110)
Attached:
Richmond up 16% (65 units sold from 56)
Vancouver West up 26% (43 units sold from 34)
Apartments:
Burnaby (North) up 33% (20 units sold from 15)
Maple Ridge up 160% (13 units sold from 5)
New Westminster up 19% (37 units sold from 31)

The REBGV is an association representing some 7,000 Greater Vancouver REALTORS®. It provides a variety of membership services, including the Multiple Listing Service, to effectively serve the real estate needs of the community. The REBGV cooperates with other industry affiliates by addressing issues that may impact the real estate consumer.

For more information contact Mary-Lynn Jacoby at marylynnj@rebgv.org.



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