realtylinkonline

Apartment sales lead growth in housing market

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 8.5 per cent to 2,315 in March 2001 compared to 2,133 during the same period in 2000..

According to Multiple Listing Service data, sales of apartments increased 18.6 per cent to 728 in March 2001 from 614 in March 2000. The benchmark price for a Greater Vancouver apartment, calculated by the Board’s Housing Price Index, is $158,810, a decrease of just over 1 per cent in comparison to last year.

According to Multiple Listing Service data, sales of detached properties increased 14 per cent in February, with 972 sales compared with 856 sales in February 2000. The detached properties benchmark price, calculated by the Board’s Housing Price Index, is $351,850, an increase of more than 2 per cent over the same period last year.

"We believe the growth in apartment sales is being driven by first-time buyers who deferred making a housing purchase when interest rates were high," said REBGV President Don Pearce. "They are now taking advantage of the lower interest rates to take on mortgages that are comparable to their rental costs. We’re also seeing couples with children take advantage of the current interest rates to move from apartments to roomier attached homes in affordable neighbourhoods."

Sales of attached properties increased 10.4 per cent, with a total of 372 units sold in March 2001 in comparison to 337 sales in March 2000. The attached benchmark price is $216,450, down 1 per cent from one year ago.

Year over year, sales of detached properties increased 2.8 per cent in March, with 1,215 sales compared with 1,182 sales in March 2000. The detached properties benchmark price is $355,550, an increase of more than 3 per cent over the same period last year.

Several bright spots were noted in Greater Vancouver communities in March 2001 compared to March 2000:

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 the most comprehensive source of real estate, statistics, home buying and selling information, visit www.realtylink.org.

For more information please contact: