Buyers' Fuel Continued Growth in Housing Market:
The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales of detached, attached and apartment properties reached 2,776 units in September 2007, an increase of 10.2% compared to 2,519 sales in September 2006.
The inventory of residential properties listed for sale remains stable, with an overall year-to-date increase of 4.1% to 45,054 residential units listed between January and September 2007, from 43,264 for the same period in 2006. The number of new listings increased 8.2% to 4770 in September from 4408 in August of this year.
"There is no single demographic of buyers. They include first-time buyers, people choosing to take advantage of current home equity to ‘move up’ in the market, as well as people coming into Greater Vancouver from other areas. Our data indicates that the majority are purchasing a principal residence," says REBGV president.
The benchmark price of a detached home in the Westside is $1,397,076 up 20.8% from last year.The benchmark price of an apartment property in the Westside, calculated by the MLSLink® Housing Price Index (HPI), is $471,034 up 10.4% from one year ago. The benchmark price of an attached unit is $675,472, up 7.1% from a year ago.
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