Market Update
MARKET UPDATE: March market extremely active Greater Vancouver sales in March continued the upward climb started in February 2005. There were 3,938 sales in March, up 28.3% compared to the 3,068 sales in February. This is the second highest sales volume in March in 11 years. (March 2004 was highest with 4,371 sales.) A number of factors continue to drive the market: low interest rates, on going net interprovincial immigration and increasing confidence in the economy and in real estate, whether as a home or as an investment. The March benchmark price of a detached home in Greater Vancouver was $503,141 up 7.7% from one year ago, the benchmark townhome price was $319,756 up 10.9%, while the benchmark price of an apartment property increased to $248,762, up 11.1% compared to March 2004. Area Updates: • Vancouver West: Detached home sales totalled 200 last month, an increase of 17.6% compared to sales in March 2004. A total of 80 townhomes sold in March compared to 89 one year ago. Apartment sales totalled 621 last month, down from the exceptional 894 units sold in March 2004. Total March sales are up 44.1% compared to February 2005 sales. • Vancouver East: Detached home sales totalled 283 in March 2005, identical to detached home sales last March. A total of 45 townhomes sold last month, down from the 60 sales in March 2004. Apartment sales of 175 in March were down from the 212 units sold one year ago. Total March sales increased 21.2% over sales in February 2005. MARCH 2005 - HOUSING PRICE INDEX DETACHED HOUSE VANCOUVER WEST VANCOUVER EAST BURNABY RICHMOND NORTH VANCOUVER Benchmark Price $862,351 $452,260 $497,402 $489,793 $628,763 % change 1 year 11.4% 10.0% 5.7% 6.1% 6.2% 3 year 34.0% 44.1% 34.7% 31.5% 47.9% 5 year 46.3% 51.5% 47.9% 51.8% 55.9% TOWNHOME VANCOUVER WEST VANCOUVER EAST BURNABY RICHMOND NORTH VANCOUVER Benchmark Price $494,772 $324,627 $309,109 $309,314 $421,426 % change 1 year 16.9% 14.4% 7.7% 5.8% 12.6% 3 year 61.5% 44.2% 42.5% 36.6% 57.2% 5 year 80.2% 48.8% 57.5% 53.7% 70.6% APARTMENT VANCOUVER WEST VANCOUVER EAST BURNABY RICHMOND NORTH VANCOUVER Benchmark Price $326,849 $194,897 $218,922 $199,658 $258,731 % change 1 year 8.8% 11.7% 12.2% 11.1% 8.8% 3 year 47.5% 48.5% 47.7% 47.3% 56.0% 5 year 72.0% 68.6% 61.0% 59.5% 66.2% Source: Real Estate Board of Greater Vancouver Housing Price Index (HPI) measures the price inflation on the same type of property each month – a Benchmark House. This gives a more accurate measure of house prices than either the Average or Median Price as it is less affected by abnormally high or low sale prices in any given month. The spring market is thriving. If you are considering a move, give me a call. Paul Eviston 604.313.0035 This communication is not intended to cause or induce breach of an existing listing agreement. April 2005