July set a record for property sales

Saturday, August 2nd, 2003

More than 4,000 houses, townhomes and condos sold

Wyng Chow

CREDIT: Ian Lindsay, Vancouver Sun Files Layer upon layer of homes line the side of Mary Hill above the Coquitlam River. July set a record for property sales.

Residential property sales in Greater Vancouver soared by a whopping 50 per cent last month over the same period a year ago, establishing a record for volume in July.

Multiple Listing Service figures released Friday show a total of 4,023 detached houses, townhomes and condominiums sold last month, compared to 2,670 units the previous year.

“According to our records, [Greater Vancouver] has never recorded sales of over 3,000 [units] for the month of July,” said Bill Binnie, president of the Real Estate Board of Greater Vancouver.

“Not only that, but these are the highest figures recorded for any month over the past 11 years. March 1992 was the last time we saw sales surpass the 4,000 mark.”

Condos and townhomes were the hot tickets last month, with year-over-year sales climbing 62.6 per cent and 61.3 per cent, respectively.

A total of 1,565 condos changed hands through the MLS in July, compared to 970 units the previous year. Among townhomes, 639 units sold, up from 393 units a year ago.

Sales of detached houses climbed 39.2 per cent last month to 1,819 units, up from 1,659 in July 2002.

“Consumer confidence, continuing demand, excitement over the Olympics — these may all be factors contributing to the current level of activity,” Binnie said.

“Combine these factors with the historic low interest rates and the result is the most dynamic market we’ve seen in a decade.”

In the six Fraser Valley communities, a total of 1,915 housing units sold on the MLS last month, up 42.5 per cent from 1,344 in July 2002.

© Copyright  2003 Vancouver Sun

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