Province
Real-estate markets in Greater Vancouver and the Fraser Valley are beginning to cool, according to January sales figures released yesterday.
The Real Estate Board of Greater Vancouver reports that overall sales of detached, attached and apartment properties declined by 14 per cent last month to 1,681 units, compared with 1,954 sales during January 2004.
Apartment sales decreased by 11.2 per cent to 741, but the benchmark price increased by 11.7 per cent to $238,523. Sales of attached properties declined by 16.6 per cent to 277 units compared with 332 units in the previous January, while the benchmark price increased 13.9 per cent to $309,798. The sale of 663 detached properties represented a 15.9-per-cent decline, while the benchmark price of $482,233 represented an 8.6-per-cent increase over January 2004.
Despite the sales declines, board president Andrew Peck says the market is balanced, with active sales and a “healthy supply” of listings.
Meanwhile, the average price of a single-family detached home in the Fraser Valley rose by seven per cent in January to $351,500, compared with $328,099 a year earlier. The average townhouse price was $232,916 (up 13.8 per cent); the average apartment price was $136,143 (up 11.6 per cent).
JANUARY HOME PRICES
Detached house Townhouse Apartment
Jan-05 Jan-04 change Jan-05 Jan-04 change Jan-05 Jan-04 change
Abbotsford $264,000 $249,000 6.0% $166,000 $142,000 16.9% $109,000 $101,500 7.4%
Burnaby $445,000 $421,000 5.7% $310,000 $272,000 14.0% $206,400 $174,500 18.3%
Coquitlam $419,000 $367,000 14.2% n/a $207,900 – $188,000 $143,900 30.6%
Delta – North $313,500 $287,500 9.0% $185,000 $145,000 27.6% $68,500 n/a –
Delta – South $391,750 $413,000 -5.1% n/a n/a – n/a n/a –
Langley $335,000 $298,900 12.1% $240,000 $205,900 16.6% $147,000 $130,000 13.1%
Maple Ridge – Pitt Meadows $332,500 $305,000 9.0% $192,250 $185,000 3.9% n/a n/a –
Mission $245,000 $228,900 7.0% $120,000 $84,500 42.0% $75,000 $78,000 -3.8%
New Westminster n/a n/a – n/a n/a – $161,900 $119,900 35.0%
North Vancouver $607,500 $510,000 19.1% $382,500 $337,000 13.5% $269,500 $229,000 17.7%
Port Coquitlam $349,000 $339,000 2.9% n/a n/a – n/a $123,000 –
Richmond $463,400 $426,000 8.8% $295,000 $305,000 -3.3% $175,000 $184,000 -4.9%
Sunshine Coast $284,000 $220,000 29.1% n/a n/a – n/a n/a –
Surrey $351,000 $328,000 7.0% $232,000 $194,000 19.6% $124,000 $116,913 6.1%
Vancouver East $412,500 $384,000 7.4% $358,000 $258,000 38.8% $187,000 $136,000 37.5%
Vancouver West $835,000 $729,000 14.5% $540,000 $350,000 54.3% $300,160 $272,000 10.4%
West Vancouver – Howe Sound $847,500 $863,000 -1.8% n/a n/a – n/a n/a –
White Rock $477,500 $410,000 16.5% $272,000 $285,000 -4.6% $175,000 $171,000 2.3%
Sources: fraser valley real estate board, real estate board of greater vancouver
© The Vancouver Province 2005
