VANCOUVER – The Greater Vancouver real estate market maintained an upward swing in October as overall sales for detached, attached and apartments reached 1,680 units, an increase of 16 per cent from 1,451 units sold in October 1998.
According to the Real Estate Board of Greater Vancouver, (REBGV) and the Housing Price Index (HPI), benchmark or typical prices for detached and attached homes increased in October to hover above 1998 levels.
Apartment property sales rose 27 per cent, with 554 units sold this month, compared to 437 units sold in October 1998. The benchmark price of an apartment in Greater Vancouver is $158,700, down 1.5 per cent from October 1998.
"Improvements in apartment sales reflect an overall confidence in our real estate market," says Dick Coates, REBGV president. "In all property categories, move-up buyers are helping the real estate market rebound from 1998 levels."
Detached homes sales reached 908 units, an increase of 13 per cent, from 801 units sold in October 1998. The benchmark price of a detached home in Greater Vancouver is $338,200, up 3.4 per cent from one year ago.
Sales of attached homes improved two per cent with 218 units sold in October 1999, compared to 213 units sold October 1998. The benchmark price of an attached home in Greater Vancouver is $220,270, up 1.8 per cent from 1998.
Bright spots in October 1999 compared to October 1998 include:
Detached:
Burnaby South up 44% (36 units sold from 25)
Richmond up 22% (93 units sold from 76)
Sunshine Coast up 50% (39 units sold from 26)
East Vancouver up 39% (181 units sold from 130)
Vancouver Westside up 43% (109 units sold from 76)
Attached:
Port Coquitlam up 77% (23 units sold from 13)
Richmond up 19% (43 units sold from 36)
East Vancouver up 53% (23 units sold from 15)
Apartments:
Burnaby South up 25% (35 units sold from 28)
North Vancouver up 40% (63 units sold from 45)
Vancouver Westside up 71% (274 units sold from 160)
The Real Estate Board of Greater Vancouver is an association of Realtors committed to providing its 7,500 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 more information contact:
Michele Lerable, APR, Communications Manager
E-mail: mlerable@rebgv.org
Phone: (604) 730-3029
Fax: (604) 730-3102
