Sales refuse to slow just because experts say so
Gordon Clark
Province
The Lower Mainland housing market continues to defy the experts.
Despite a general view by analysts that sales would slow this year, the real-estate boards for the Fraser Valley and Greater Vancouver both reported yesterday that sales in July were the second highest in history for the month.
Total sales reached 3,873 units last month in Greater Vancouver — a whopping 42-per-cent increase over the 2,732 in July 2006.
In addition, there were 1,984 sales in the Fraser Valley, 21 per cent more than the 1,635 sales in July 2006 and just three per cent under the July record set in 2005 when 2,051 homes changed hands.
Greater Vancouver‘s best July for sales was in 2003, when 4,023 sales were reported.
“At the beginning of the year, most experts predicted a slower market than what we’ve experienced for the past five years in the Greater Vancouver area,” said Brian Naphtali, president of the Real Estate Board of Greater Vancouver.
“To date, realtors are reporting the exact opposite as the housing market continues to exceed market forecasts.”
Jim McCaughan, president of the Fraser Valley Real Estate Board, attributed the near-record sales to several factors.
“B.C.’s economy continues to hum along, Fraser Valley realtors are receiving a strong influx of new listings and some of our clients are feeling a little uncertainty about where interest rates are going,” he said.
“It all adds up to a desire to invest in real estate now.”
In Greater Vancouver, total listings for detached, attached and apartment properties last month rose 7.6 per cent to 11,215 units compared to 10,424 in July 2006.
The benchmark price of an apartment in Greater Vancouver was $364,510, up 10.8 per cent from a year ago.
The price of an attached unit was $448,383, also up 10.8 per cent while detached properties rose 10.9 per cent to $714,810.
In the Fraser Valley, the number of active listings hit 8,376 last month, 35 per cent higher than July 2006’s 6,200 listings.
The average price of a townhome in the Fraser Valley was $323,259 in July, 7.1 per cent higher than a year ago, when it was $301,718.
Apartment prices rose 10.8 per cent to $220,275 from $198,882 in July 2006 while single-family detached homes averaged $519,896, 6.2 per cent higher than $489,547 from last year’s average price.
