realtylinkonline

July 5, 1999

Resale housing market a bright spot in slow B.C. economy

"The increased demand for all types of housing indicates that buyer confidence has returned to the real estate market," says Bill Phillips, vice president of the REBGV.

The Board reports that the largest climb in sales occurred in the attached (townhouse) properties. June sales increased by 72 per cent, with 383 units sold in June 1999, compared to 223 units sold the same month last year. According to the Board's Housing Price Index (HPI), a benchmark or typical price of an attached home in Greater Vancouver is $213,610, down two per cent from 1998.

Detached homes continue to do well as sales improved by 33 per cent, with 1,352 units sold this month, compared to 1,018 sold in June 1998. The benchmark price of a detached home in Greater Vancouver is $345,470, down one per cent from one year ago.

"The upward trend in the resale market throughout the first half of 1999 is a bright spot in British Columbia's sluggish economy," says Phillips. "Sales activity has improved considerably from last year despite the drop in housing starts."

Movement in apartment sales rose by 27 per cent, with 604 units sold in June 1999, compared to 476 units sold in the same month last year. The benchmark price of an apartment in Greater Vancouver is $152,350, down four percent from June 1998.

Vancouver (East) remains one of the strongest markets in the Lower Mainland with significant sales increases in all categories of detached, attached and apartment homes. Other bright spots in June 1999 compared to June 1998 include:

Detached:

Burnaby North up 28% (63 units sold from 49)
Burnaby South up 100% (52 units sold from 25)
Coquitlam up 30% (134 units sold from 103)
Maple Ridge/Pitt Meadows up 46% (142 units sold from 97)
North Vancouver up 25% (123 units sold from 101)
Port Coquitlam up 32% (57 units sold from 43)
Richmond up 28% (135 units sold from 105)
Vancouver (East) up 71% (233 units sold from 136)

Attached:

Coquitlam up 40% (35 units sold from 25)
North Vancouver up 61% (29 units sold from 18)
Port Moody up 240% (17 units sold from 5)
Richmond up 106% (93 units sold from 45)
Vancouver (East) up 93% (29 units sold from 15)

Apartments:

North Vancouver up 105% (76 units sold from 37)
Richmond up 62% (83 units sold from 51)
Vancouver (West) up 33% (204 units sold from153)

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.

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