Realtor Stacy Cheng in the 65-unit Heatherstone on West 16th where only 25 suites remain and prices start at $155,000. CREDIT: Mark Van Manen, Vancouver Sun

Greater Vancouver‘s sizzling residential property market continued unabated in April, with average housing prices hitting all-time highs, while year-over-year sales rose 33 per cent.

Condominiums were again the hottest ticket, especially on Vancouver‘s west side — including the popular downtown core — where sales soared 91 per cent to 816 units sold, up from 428 units a year earlier.

For the whole region, condo transactions last month climbed 53 per cent to 1,776 sales, compared to 1,161 units.

Over all, Multiple Listing Service figures released Tuesday show a total of 4,106 detached houses, townhomes and condos changed hands in April, up from 3,095 sales a year ago. Meanwhile, the shrinking inventory grew even tighter, as the number of active listings fell by 52 units to 9,279.

“We are seeing significant activity in the ‘move-up’ market,” said Andrew Peck, president of the Real Estate Board of Greater Vancouver. “As first-time buyers purchase condos from the available stock, those sellers are moving into larger properties, and often to single-family homes.”

The average MLS detached price in Greater Vancouver reached a record $532,500 last month, up 21.4 per cent over $438,600 in April 2003.

Townhomes sold at an average of $306,800, a 20-per-cent appreciation over $255,100, while condos increased 25 per cent to an average of $254,600 from $203,700.

On the city’s west side and downtown core, the average condo price hit $329,300, up 19 per cent from $276,900 the previous April.

“The condo market is very active,” said realtor Stacy Cheng, of Re/Max Real Estate Services. “The fastest sellers are starter suites, like one- and two-bedroom units, especially those located in areas within easy walking distance of restaurants, shops and parks.”

Among Cheng’s current listings is the remaining 25 suites of a 65-unit condo complex, called Heatherstone, at Heather and West 16th, where prices start at $155,000 for a studio, $195,000 for a one-bedroom, and $235,000 for a two-bedroom.

Cheng’s April transactions included the resale of a one-bedroom and den condo unit at 1367 Alberni. The 16th-floor, 590-square-foot home fetched $245,000 for the vendor, 35 per cent more than the $181,000 purchase price two years ago.

Nearby, at Melville and Bute, it took realtor Grace Kwok less than four weeks, starting April 8, to sell 180 of 232 upscale units at Amacon’s new residential project, where prices range from $265,000 for a one bedroom and den, to $5.4 million for the 5,800-square-foot penthouse.

Called the Melville, the 43-storey tower is being advertised as the tallest residential building in Vancouver, with amenities including a rooftop swimming pool for common use.

“Most of our purchasers plan to move in,” said Kwok, co-owner of Anson Realty. “Only 20 per cent of them are investors. Everybody wants to live in the Coal Harbour area.”

In the six Fraser Valley communities, MLS sales in April totalled 2,016 units, up 23 per cent from 1,640 homes the previous year.

The average detached price in the valley climbed to $341,600, an increase of 19.4 per cent over $286,200. Townhouses averaged $223,400, up 25 per cent from $179,000, while condos averaged $140,300, up 16.7 per cent from $120,200.

Industry representatives say in spite of recent small fluctuations in interest rates, consumers continue to view real estate as a stable place to put their money.

“There would have to be some significant shock to interest rates over a very short period of time for the housing market to be affected, and we’re certainly not seeing that,” said Rob Regan-Pollock, senior mortgage consultant with Invus Financial.

“The real estate market is still on a red-hot pace.”

Regan-Pollock noted that although long-term fixed rates have climbed half a percentage point over the past month, variable rates remain at record lows near three per cent.

On Tuesday, Invus was offering fixed three-year mortgages as low as 4.2 per cent, while five-year money was available at 4.75 per cent.

In other developments, Canada Mortgage and Housing Corp. projects national housing starts will total 208,500 units in 2004, down slightly from 218,400 actual starts last year.

However, British Columbia is expected to have the country’s highest percentage growth in new construction this year, as a strong economic forecast, fuelled by new employment and income growth, creates high levels of consumer confidence.

Cameron Muir, CMHC’s senior Vancouver market analyst, said B.C. starts are expected to reach 30,000 units in 2004, up 14.6 per cent from 26,174 actual starts in 2003, and climb a further 2.3 per cent to 30,700 units in 2005.

© The Vancouver Sun 2004