Greater Vancouver‘s real estate market is still sizzling.

Fuelled by a hot condo market, sales increased almost 20 per cent in May over May 2003, according to real-estate statistics released yesterday.

“There is still a huge pent up demand for real estate in Greater Vancouver,” said Andrew Peck, president of the Real Estate Board of Greater Vancouver. “It’s still a very hot market.”

Sales rose to 3,918 in May compared to 3,279 in May 2003.

The condo market is particularly hot, with sales increasing 45.9 per cent in May to 1,767 sales, compared to 1,211 in May 2003.

“Everything that came on the market is being sold,” said Peck.

“As long as we’ve got continued low interest rates, I don’t think anybody is expecting the market is going to take a tumble at all.

“There ain’t a bubble.

“The things that make a bubble market is huge speculative investment. This market has been fuelled by young couples that are buying their first property and moving into it. It is not speculative the way it was before.”

Low interest rates are “the biggest thing” driving the upsurge, said Peck.

“We’re still very positive about the market [and] I can’t see anything changing for the foreseeable future.”

The market is so active because there’s not enough finished inventory, said realtor Bob Rennie of Rennie Marketing Systems.

“Some inventory would be welcome to keep the market at a nice level pace,” he said.

“The sellers are seeing real confidence in the market.

“And nowhere like Vancouver is the condominium so socially acceptable. In a lot of cities, when you live in a condo, it means you’ve gone broke or you’re going through a divorce. Here in Vancouver, it’s socially acceptable. We value our time.”

Sales and prices are also up in the Fraser Valley.

The average price of a single-family home in the Valley last month increased by 20 per cent to $356,865 over May of last year.

Townhouses rose 13.5 per cent to $217,064. Apartments went up 11.8 per cent to $142,605.

Since 1999, the average price of a single-family detached home has increased nearly 40 per cent in the Valley.

“No question, the market is active,” said Moss Moloney, president of the Fraser Valley Real Estate Board.

“The steady price increases we’ve seen over the last three years are very welcome to sellers . . . who are seeing some great returns on their investment.”

[email protected]

– – –

MAY HOUSE PRICES

MEDIAN SELLING PRICES Detached homes Attached homes Apartments

May 2004 May 2003 % change May 2004 May 2003 % change May 2004 May 2003 % change

Abbotsford $285,268 $239,900 18.9% $180,000 $154,000 16.9% $108,000 $84,900 27.2%

Burnaby $478,000 $380,000 25.8% $282,000 $238,109 18.4% $193,900 $155,000 25.1%

Coquitlam $425,000 $355,000 19.7% $288,000 $235,000 22.6% $172,000 $140,000 22.9%

Delta North $332,000 $258,000 28.7% $205,000 $205,000 0.0% $172,000 $66,000 160.6%

Delta South $412,500 $365,500 12.9% n/a $365,500 $183,900 n/a n/a

Langley $345,000 $286,400 20.5% $220,500 $190,700 15.6% $131,000 $117,000 12.0%

Maple Ridge/Pitt Meadows $330,000 $275,000 20.0% $187,500 $169,000 10.9% $120,250 $169,000 -28.8%

Mission $229,900 $189,000 21.6% $110,000 $150,000 -26.7% $95,000 $129,500 -26.6%

New Westminster $379,000 $290,000 30.7% n/a n/a $157,000 $119,000 31.9%

North Vancouver $610,000 $475,000 28.4% $364,900 $318,500 14.6% $239,000 $188,000 27.1%

Port Coquitlam $356,000 $297,000 19.9% $220,000 $214,000 2.8% $126,000 $100,000 26.0%

Port Moody/Belcarra $445,000 $376,000 18.4% $214,000 $183,000 16.9% n/a n/a n/a

Richmond $438,000 $364,000 20.3% $280,000 $232,000 20.7% $188,000 $149,000 26.2%

Squamish n/a $282,000 n/a n/a n/a n/a n/a

Surrey $364,000 $280,000 30.0% $216,000 $185,000 16.8% $132,500 $114,000 16.2%

Vancouver East $414,000 $333,000 24.3% $292,000 $248,000 17.7% $171,000 $131,000 30.5%

Vancouver West $765,000 $675,000 13.3% $405,350 $383,000 5.8% $285,900 $213,500 33.9%

West Vancouver/Howe Sound $1,007,000 $695,000 44.9% n/a n/a n/a n/a

White Rock $514,000 $404,000 27.2% $271,500 $256,000 6.1% $189,000 $159,900 18.2%

Sources: Real Estate Board of Greater Vancouver, Fraser Valley Real Estate Board

© The Vancouver Province 2004