Market Update
June sales second highest on record
A total of 3,951 properties sold in the Greater Vancouver area in June, the second highest number of sales recorded during the month of June in the history of the Real Estate Board of Greater Vancouver (REBGV). There were 4,333 sales last June, the highest June on record.
A total of 3,681 townhomes have sold year to date, an all-time high. June townhome sales were 6.1% higher than last June. Listing activity has increased by 15.1% compared to last June. “Although last year was a banner year for overall real estate sales, 2006 is shaping up to be one of the best years on record,” says Rick Valouche, REBGV president.
The June benchmark price of a detached home in Greater Vancouver was $649,048, up 21.8% from last June, the benchmark townhome price was $402,477, up 20.9%, while the benchmark price of an apartment increased to $325,154, up 24.2% from one year ago.
Area
Updates:
· Port Moody: Total sales in June were up 9.2% over June 2005 and up 16.4% over
sales in May 2006. A total of 30 detached homes sold in June, down from 38 sales one year ago. Townhome sales, however, were up 48.2% year over year – 43 units sold last month compared to 29 units in June 2005. Apartment sales of 33 were up slightly from the 30 apartment sales last June.
· Coquitlam: Overall June sales were down a slight 1.5% compared to last June but were up 5.1% over sales in May 2006. Detached home sales were almost identical year over year – 168 units sold in June, there were 167 sales in June 2005. Townhome sales totalled 55 last month; there were 60 sales last June. Apartment sales were very close – 105 units sold in June, 106 units sold one year ago.
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Detached House |
Port |
Coquitlam |
Port |
Maple |
|
|
|
Benchmark Price |
$666,347 |
$568,335 |
$465,376 |
$404,011 |
$654,247 |
|
|
|
% change 1 year |
34.2% |
22.6% |
17.0% |
16.4% |
25.4% |
|
|
|
3 year |
97.5% |
57.7% |
56.4% |
47.5% |
61.0% |
|
|
|
5 year |
111.6% |
98.3% |
92.2% |
83.8% |
90.6% |
|
|
Townhome |
Port |
Coquitlam |
|
Maple |
|
Benchmark Price |
$352,627 |
$365,806 |
$344,668 |
$276,044 |
$399,404 |
|
% change 1 year |
27.3% |
19.1% |
20.2% |
18.7% |
24.7% |
|
3 year |
73.5% |
61.6% |
49.9% |
60.6% |
66.1% |
|
5 year |
117.8% |
99.9% |
90.8% |
90.7% |
93.5% |
Apartment |
Port |
Coquitlam |
|
Maple |
|
Benchmark Price |
$271,224 |
$250,086 |
$215,278 |
$216,335 |
$286,552 |
|
% change 1 year |
22.8% |
26.5% |
23.6% |
30.0% |
20.1% |
|
3 year |
74.4% |
72.7% |
95.4% |
80.7% |
72.4% |
|
5 year |
139.6% |
115.8% |
151.5% |
141.6% |
116.0% |
Source: Real
Estate
Board of Greater
Housing
Price Index (HPI) measures the price inflation on the same type of
property each month – a
Benchmark House. This gives a more accurate measure of house prices than either the
Average or Median Price as it is less affected by abnormally high or low sale prices in
any given month.
If you have any questions about the market, please call me.
Gord Allan 604.936.0422
July 2006