Elaine O’Connor
Province
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Kim LaBreche was one of 56,000 residents who bought homes in Greater Vancouver and the Fraser Valley last year, fuelling record sales. But finding a home in a hot market was far from easy. “It was so stressful. I wasn’t able to find anything I wanted,” said LaBreche, who eventually gave up her desire to live in White Rock and settled on a three-bedroom rancher on a large lot in Cloverdale, snatching it off the market just after it was listed. To do so, LaBreche, like many of the region’s homebuyers, faced stiff competition and paid almost $90,000 more than she wanted to. Greater Vancouver housing sales reached historic levels with 37,816 homes sold in 2003, the highest annual sales since 1989. “We had a record-breaking year,” said Bill Binnie, president of the Real Estate Board of Greater Vancouver. “Interest rates and consumer confidence were very important factors.” The benchmark price of a detached home in the region was $449,190, up 15 per cent from 2002, while the price of a townhouse was up 16 per cent to $284,080 and condo prices rose 14 per cent to $213,140. Typical homes in West Vancouver topped $845,000 in December 2003, up 43 per cent from last year. Homes in the West End at $733,000 were up 18 per cent, and North Vancouver homes ran to $489,000, up 11 per cent. High-end homes fuelled the market, Binnie said, as Vancouver realtors saw more million-dollar home sales than ever before. Fraser Valley realtors also had their best showing in more than a decade. The 18,351 housing sales represented the highest yearly total since 1992. Sales reached $4.7 billion, up 23 per cent from last year. “It kind of blew most of us away,” said Reg Davies, Fraser Valley Real Estate Board president. In 2003 the average cost of a detached single-family Valley home was $301,121, up $30,000 from the year before. Buying a townhouse cost $5,700 more on average in 2003, and average apartment costs skyrocketed $10,000 in a year. In 2004, Davies predicts sales will slow slightly but remain solid until 2006-07. © Copyright 2004 The Province
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