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SUPER GREEN: The new $450 million Vancouver Trade and Convention Centre on the waterfront will sport a “green roof” and energy-saving features as the city’s latest landmark building. Photo: VTCC Expansion
More townhomes were sold in Greater Vancouver in June than in any month in history, while sales of detached houses hit the second fastest pace in a
decade, reports the Real Estate Board of Greater Vancouver. Overall sales of detached, attached and apartment properties increased by 23.6 per cent to
4,333 units sold in June 2005, compared to 3,505 sales in June 2004. “To put it in perspective, these figures are the fourth highest sales in the Board’s history,” says REBGV President Georges Pahud. “The factors that positively affect the overall housing market are in place,” Pahud says. “Consumer confidence is high and domestic activity continues to be the key driver of economic growth. Job creation, business and investment confidence, immigration and mortgage rates combined with demand to live in a thriving world-class city make for a strong real estate market.” The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $261,848, up 14.1 per cent from one year ago. The benchmark price of an attached unit (townhomes) is $332,987, up 10.6 per cent from June 2004. The benchmark price of a detached home increased to $533,095 up 10.2 per cent from a year ago.
Starts slow no surprise
New home starts in Greater Vancouver dipped 24 per cent in June compared to a year ago, but the slowdown came as no shock to Canada Mortgage and Housing senior analyst Cameron Muir. “Fewer housing starts are not surprising,” said Cameron Muir, Senior Market Analyst. “Homebuilders are extremely busy working on the record number of projects already under construction.” During the first half of 2005 an average of 18,565 housing units were under construction in the Vancouver CMA, the highest number of ever recorded during the first two quarters of the year. While consumer demand remains very strong, homebuilders are finding it increasingly difficult to build more homes than they are right now.” Year-to-date, housing starts in Greater Vancouver are down 12 per cent to 8,574 units over the first six months of 2004. Single-detached starts declined 21 per cent to 2,278 units, while multiple starts dipped 9 per cent to 6,296 units compared to the same period last year.