The 3,705 sales reported far surpassed the previous October record of 3,441 units
Wyng Chow
Sun
Residential property sales in Greater Vancouver continued sizzling last month, resulting in the highest number of transactions ever recorded on the Multiple Listing Service for the month of October.
Figures released Monday show a total of 3,765 detached houses, townhomes and condominium apartments sold last month, up 31.4 per cent from 2,866 units in October 2002.
The 3,765 sales far surpassed the previous October record of 3,441 units changing hands in 1992 during the height of the Asian immigration boom.
Once again, condos were the hot ticket item, with 1,689 units sold last month, a whopping 63-per-cent increase from 1,036 sales the previous year. The average condo price of $227,200 was 7.2 per cent higher than $212,000 a year ago.
“First-time home buyers and seniors moving from the family home, in particular, are choosing to purchase condos,” said Bill Binnie, president of the Real Estate Board of Greater Vancouver.
“These two groups see this as the right time to make these lifestyle changes.
“Market activity is up in general, as consumers continue to take advantage of low interest rates.”
Condo hot spots included both Vancouver‘s west and east sides, where sales doubled over the previous October.
Among detached houses, a total of 1,534 units sold last month, compared to 1,398 sales in October 2002, an increase of 26 per cent.
The year-over-year average price climbed 21 per cent to $479,800 from $396,400.
Detached sales were up sharply last month in Port Coquitlam (up 67.4 per cent); West Vancouver (up 30.4 per cent); and Vancouver‘s west side (up 21.6 per cent).
In West Vancouver, a detached house traded last month at an average price exceeding $1.07 million — 49 per cent more than $718,000 the previous year. On Vancouver‘s west side, the average detached price of $822,800 was 24.3 per cent higher than $661,900.
Townhome sales in Greater Vancouver rose 25.5 per cent last month to 542 units sold, compared to 432 units the year before. The average price of $287,100 represented a 15-per-cent improvement over $250,100.
Brisk townhome markets in October included Richmond, up 47 per cent; Coquitlam, up 46 per cent; and Vancouver‘s west side, up 35.5 per cent.
“For every realtor, it’s like winning the lottery,” said Richmond realtor Shafik Ladha, of Re/Max Westcoast. “We thought the bubble was going to burst, but instead it keeps getting bigger and bigger.
“This is by far the best October I’ve had in my 14 years in real estate. There are bidding wars happening with nearly all my listings.”
Ladha, who sold 13 properties last month, said the lack of inventory and low interest rates continue to drive prices up.
“I never thought in my wildest dreams that a 25- to 30-year-old house on a 60-by-120-foot lot in Richmond would nudge $400,000,” he said. “If buyers are looking for a two-level house with five bedrooms, there’s virtually nothing available.”
In the six Fraser Valley communities, MLS housing sales totalled 1,653 units last month, up 20.7 per cent from 1,370 units in October 2002.
The valley’s average detached price reached $309,400, an increase of 14.8 per cent over $269,400. Condos sold at an average price of $128,500, up 13.7 per cent from $113,000, while townhomes dipped three per cent to $194,700 from $200,500.
© Copyright 2003 Vancouver Sun
