Sun
Demand for housing continues to remain strong in Greater Vancouver as demonstrated by vigorous homes sales in April on top of record sales in 2004.
“The market is strong, with sales up compared to 2003 year-to-date sales and just slightly lower than 2004’s record-breaking activity,” said Georges Pahud, Real Estate Board of Greater Vancouver president in a news release.
“The number of listings for April was slightly lower than the same time last year, while demand remains high across all three residential property types.
“The demand is driven by a continuing combination of factors, including low interest rates, positive job market and consumer confidence in the economy and in the real estate market.”
Real estate sales are a key economic indicator in British Columbia.
In 2004, dollar volume sales of homes in Greater Vancouver reached an all-time high of more than $13.8 billion.
Based on this figure, Greater Vancouver home sales in 2004 generated more than $1 billion in spinoffs.
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APRIL HOME PRICES
Median selling price
Detached house Townhouse Apartment
April-05 April-04 change April-05 April-04 change April-05 April-04 change
Abbotsford $300,000 $275,642 8.8% $170,000 $184,900 -8.1% $121,000 $99,000 22.2%
Burnaby $503,000 $465,000 8.2% $268,500 $273,500 -1.8% $225,000 $182,000 23.6%
Coquitlam $465,000 $423,000 9.9% $301,900 $229,000 31.8% $185,500 $147,000 26.2%
Delta North $321,300 $313,200 2.6% $164,000 $179,500 -8.6% $72,500 $105,000 -31.0%
Delta South $440,750 $420,000 4.9% n/a n/a – $235,000 $186,000 26.3%
Langley $382,500 $329,474 16.1% $236,000 $219,303 7.6% $151,000 $139,000 8.6%
Maple Ridge $340,750 $312,900 8.9% $206,500 $188,000 9.8% $155,000 n/a –
Mission $270,000 $250,000 8.0% $182,000 $159,000 14.5% $58,000 $105,000 -44.8%
New Westminster $432,500 $325,000 33.1% n/a n/a – $194,000 $162,500 19.4%
North Vancouver $620,000 $550,200 12.7% $404,500 $394,500 2.5% $255,000 $213,000 19.7%
Port Coquitlam $372,500 $355,000 4.9% $262,500 $240,000 9.4% $161,550 $138,500 16.6%
Port Moody – Belcarra $601,000 $430,000 39.8% $312,631 $189,000 65.4% n/a n/a –
Richmond $465,000 $428,000 8.6% $310,000 $287,000 8.0% $225,000 $185,000 21.6%
Squamish $376,500 $310,000 21.5% n/a n/a – n/a n/a –
Sunshine Coast $292,000 $265,000 10.2% n/a n/a – n/a n/a –
Surrey $351,000 $333,000 5.4% $238,000 $216,169 10.1% $137,000 $119,000 15.1%
Vancouver East $465,000 $415,000 12.0% $336,500 $285,000 18.1% $194,000 $168,000 15.5%
Vancouver West $875,000 $790,000 10.8% $505,500 $450,000 12.3% $320,000 $275,000 16.4%
West Vancouver – Howe Sound $967,000 $871,650 10.9% n/a n/a – $550,000 n/a –
White Rock $525,000 $450,000 16.7% $310,000 $320,000 -3.1% $204,000 $209,500 -2.6%
Sources: Fraser Valley Real Estate Board, Real Estate Board of Greater Vancouver
© The Vancouver Province 2005