Condominium sales sizzled in March, establishing a record for the number of units sold in a single month in Greater Vancouver.

Multiple Listing Service figures released Friday show a total of 1,967 condos changed hands last month, up 60 per cent from 1,229 sales in March 2003.

The previous one-month high was 1,689 units sold in October 2003.

“Condominiums remain a very popular choice for first-time buyers and people who want the lifestyle of the urban centre,” said realtor Andrew Peck, newly elected president of the Real Estate Board of Greater Vancouver.

“Condo developments are typically located so that shopping and cultural activities, together with lots of parks and recreation, are at your doorstep.”

Including the three main housing types, last month’s residential property market in Greater Vancouver was the hottest in 13 years, with a total of 4,371 units sold, up 32.3 per cent from 3,304 sales the previous March.

In April 1991, a total of 4,094 detached homes, townhouses and condos sold on the MLS.

The 4,371 condo sales last month would include the more than 400 homes sold in one weekend by realtor Bob Rennie at the Yaletown Park residential project, being built at Homer and Smithe streets by developer Peter Wall.

Dozens of purchasers had lined up overnight outside the project’s downtown presentation centre prior to the grand opening for the first 612 units made available.

“I’ve never seen this environment before in my 28 years of selling real estate,” Rennie said. “Every crane [development] downtown is already 90 to 95 per cent sold.

“Pent-up demand is being released by the record low interest rates. It’s creating a really strong market, even when there’s virtually no inventory.”

In mid-April, Rennie is launching marketing at Tri-Power Developments’ King Edward Village, at Kingsway and Knight Street, where he already has more than 1,100 names on a reservation list vying for 202 units.

The Lower Mainland’s hot spots for condo sales in March included both Vancouver‘s west and east sides, Coquitlam and Richmond.

Last month’s average MLS condo price in Greater Vancouver was $248,600, up 17 per cent from $212,200 a year ago.

Detached houses sold at an average of $516,600 in March, a year-over-year increase of 21 per cent over $426,700. Townhouses fetched an average of $300,200, up 16.6 per cent over $257,400.

“Consumers, particularly younger first-time buyers, continue to choose home ownership as a great investment,” Peck said.

“There are a number of factors driving this market, particularly huge consumer confidence in investing in real estate. It has a proven track record.”

In the six Fraser Valley communities, MLS sales totalled 2,107 units last month, an increase of 24.3 per cent over 1,695 homes in March 2003.

Detached houses in the valley sold at an average price of $341,200, up 16 per cent from $294,100 the previous year. Townhouses averaged $209,400, up 18.2 per cent from $177,200, while condos went for an average of $129,400, up 11.5 per cent.

© The Vancouver Sun 2004