Real estate sales steady
Real estate sales steady moving into fall
VANCOUVER, B.C. November 2, 2005 – The Real Estate Board of Greater Vancouver (REBGV) reports that year-to-date sales to the end of October are up 10.1 per cent in comparison to the same time last year. Sales of detached, attached and apartment properties increased by 13.4 per cent to 3,099 units sold in October 2005, compared to 2,734 sales in October 2004.
"In the last twenty-five years, October sales numbers have reached over 3,000 only three times," says REBGV President Georges Pahud. "Even as benchmark prices increased in comparison to last year, we’re seeing more than 64 per cent of home sales under the average price.
"Although, there are fewer listings compared to last year, this continues to be a steady and healthy market, still fuelled by a revving economy, lower interest rates, and higher employment and immigration figures," Pahud says. "Consider as well, that Greater Vancouver real estate sales, listings, and prices are now part of a much larger economic base. We are no longer functioning on just a regional level. We’ve become part of the global economy and we are not only impacted by what’s happening here, but around the world."
According to Multiple Listings Service data, sales of apartment properties increased slightly by 3.4 per cent in October 2005 to 1,314 sales, compared to 1,271 sales in October 2004. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $280,938, up 20.6 per cent from one year ago.
Sales of attached properties increased 26.5 per cent in October 2005 to 545 units sold, compared to 431 units in October 2004. The benchmark price of an attached unit is $348,016, up 12.7 per cent from October 2004.
Sales of detached properties increased 20.2 per cent to 1,240 sales in October 2005 compared to 1,032 sales in October 2004. The benchmark price of a detached home increased to $564,061 up 17.1 per cent from a year ago.