Healthy Housing Market Heading into Autumn

Greater Vancouver is experiencing a healthy real estate market heading into fall. The Real Estate Board of Greater Vancouver (RBGV) reports that sales of detached, attached and apartment properties increased by 17.5% to 3,344 units sold in September 2005, compared to 2,845 sales in September 2004. YTD sales to the end of September are up 9.9% in comparison to the same time last year.

"It continues to be an opportune time for homeownership - first time buyers, move-up buyers and high-end buyers are all benefiting from current market conditions," says RBGV President. "MLS sales of townhomes and apartments were the highest ever for any September on record."

"It's important to note that more than 67% of properties sold last month were under the average price. We can also crediit favourable financing as a key factor in the market's strength for first time and move-up buyers," REGV President says.

According to Multiple Listing Service data, sales of apartment properties remained relatively unchanged with a less than 1% increase in September 2005 to 1,339 sales, compared to 1,331 sales in September 2004. The benchmark price of an apartment property in Greater Vancouver, calculated by the Boards's Housing Price Index, is $275,165, up 18.4% from one year ago.

Sales of attached properties increased 51% in September 2005 to 592 units sold, compared to 392 units in September 2004. The benchmark price of an attached unit is $344,435, up 11.5% from September 2004.

Sales of detached properties increased 25.9% to 1,413 sales in September 2005 compared to 1,122 sales in September 2004. The benchmark price of a detached home increased to $557,739, up 15.7% from a year ago.

Bright spots in Greater Vancouver in September 2005 compared to September 2004:

APARTMENTS:
New Westminster up 14.1%..........(97 units sold, up form 85)
Port Coquitlam up 20.6%.........(41 units sold, up from 34)

ATTACHED:
Burnaby up 92.1%..........(121 units sold, up from 63)
Maple Ridge/Pitt Meadows..........(63 units sold, up from 28)
Port Moody/Belcarra up 47.6%..........(31 units sold, up from 21)
Richmond up 26.4%..........(110 units sold, up from 87)
Vancouver East up 122.7%..........(49 units sold, up from 22)
Vancouver West up 27.5%..........(65 units sold, up from 51)

DETACHED:
Burnaby up 16%..........(116 units sold, up from 100)
Coquitlam up 16.7%..........(133 units sold, up from 114)
Maple Ridge/Pitt Meadows up 80%..........(162 units sold, up from 90)
North Vancouver up 11.1%..........(100 units sold, up from 90)
Port Coquitlam up 19.6%..........(61 units sold, up from 51)
Richmond up 19.4%..........(160 units sold, up from 134)
Vancouver East up 44%..........(229 units sold, up from 159)
Vancouver West up 28%..........(160 units sold, up from 125)
West Vancouver/Howe Sound up 19.4%..........(74 units sold, up from 62)