realtylinkonline

January 5, 1999

Vancouver real estate market fares better than expected

VANCOUVER -- There's been a lot of talk about the Greater Vancouver real estate market this past year. According to the Real Estate Board of Greater Vancouver (REBGV), things were better than they may have seemed.

"The current market has been compared to the '94 - '97 markets, an extraordinary time for B.C. and real estate in Greater Vancouver," says Calvin R. Lindberg, REBGV president. "If you look at the longer-term picture, the market has done remarkably well."

Housing prices have not dropped as much as some predicted. "In 1998, average detached home prices came down about five per cent - around the same levels as 1993," says Lindberg. "The recent pricing changes have reflected a market adjustment."

"Through a rather bleak economic situation in this province, the real estate market has remained very stable and sales are expected to pick up in the new year," says Lindberg. The Canadian Mortgage and Housing Corporation (CMHC) forecasts a 3.4 per cent increase in Greater Vancouver and Fraser Valley Multiple Listing Service (MLS®) sales for 1999.

Other good news for the 1999 real estate market includes a further decrease in mortgage rates and a steady increase in employment.

Sales for detached houses were down three per cent, with 718 units sold in December 1998, compared to 739 units sold in the same month last year. According to the Board's Housing Price Index (HPI), a benchmark or typical, price of a detached home in Greater Vancouver is $342,270.

In the attached or townhouse category, sales were down nine per cent, with 202 units sold in December 1998, compared to 226 units sold in December 1997. The benchmark price of a townhouse held steady at $210,710.

Apartment sales were down by 20 per cent, with 475 units sold in December1998, compared to 590 units sold in the same month last year. The benchmark price for an apartment in Greater Vancouver is $151,520.

Overall sales for Greater Vancouver detached, attached and apartments in December 1998 were down 10 per cent, compared to December 1997. Overall year-to-date sales were down by 26 per cent.

Some bright spots in the Greater Vancouver market include:

• Port Coquitlam - sales improved in all catagories.
• North Vancouver - detached and apartment sales improved by 28 per cent.
• Vancouver West - detached sales improved by 22 per cent, and attached sales experienced slight increases.

This month, Realtors launch RealtyLink - In Print, a consumer's guide to real estate properties in Greater Vancouver.

For more information contact:

Karen Johal, Public Relations Coordinator
Phone: (604) 730-3029 Fax: (604) 730-3102

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