Home sales give BC economy a boostVANCOUVER - September home sales in the Greater Vancouver area reflect steady growth and slightly rising benchmark prices.
The Real Estate Board of Greater Vancouver (REBGV) reports that overall sales for Greater Vancouver detached, attached and apartments rose eight per cent in September with 1,852 units sold, up from the 1,709 units sold in September 1998.
The Board also reports an improvement in the number of residential sales throughout all price categories. The largest increase occurred in the $350,000 - 500,000 price range as 1999 year-to-date sales reached 2,487 units, an increase of 27 percent compared to 1,951 units sold during the same period last year.
"The vigour in the real estate market over the past nine months shows promise that the BC economy is gradually recovering; however, it continues to be held back by current provincial economic policy," says REBGV vice president, Bill Phillips.
Detached homes sales reached 1,005 units sold, an increase of nine per cent, from 925 units sold in September 1998. According to the Board's Housing Price Index (HPI), a benchmark or typical price of a detached home in Greater Vancouver is $338,220, up three per cent from one year ago. Sales of attached homes rose three per cent with 268 units sold in September 1999, compared to 261 units sold September 1998. The benchmark price of an attached home in Greater Vancouver is $218,350, up one per cent from 1998.
Apartment property sales improved 11 per cent, with 579 units sold in September 1999, compared to 523 units sold in the same month last year. The benchmark price of an apartment in Greater Vancouver is $161,500, up one percent from September 1998.
According to a senior economist at the Toronto Dominion Bank, the rise in housing sales in the resale market is a positive sign that should help boost housing starts down the road.
Bright spots in September 1999 compared to September 1998 include:
The Real Estate Board of Greater Vancouver is an association of Realtors committed to providing its 7,700 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 further information please contact:
Mary-Lynn Jacoby, Public Relations
viewing: MONTHLY REPORT
Buyers Section--Search for a Home |
Sellers Section |
Real Estate Boards Section |