The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 3028 units in October 2007, an increase of 11.2% compared to 2,722 sales in October 2006, and a 2.3% decrease compared to the 3,099 units sold in October 2005.

Property listings remain relatively unchanged compared to last year’s levels, with 4,819 active listings at October month-end, compared to 4,862 last year.

 ”This is only the fourth time in 25 years that sales have surpassed the 3,000 mark in the month of October,” says REBGV president Brian Naphtali. “What we’re seeing is a bouyant market fueled by strong demand from both first-time and repeat buyers.

“The economy is healthy,” Naphtali says. “There’s virtually no unemployment. Interest rates are steady. These are all factors affecting the continued strong demand for housing.”

According to Multiple Listing Service (MLS) data, sales of aparmtent properties increased by 17.4% to 1,368 sales in October 2007 compared to 1,165 sales in October 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink Housing Price Index, is $371,418, up 11.4% from one year ago.

Sales of attached properties increased by 11.7% in October 2007 to 527 sales, compared to 472 sales in October 2006. The benchmark price of an attached unit is $454,645, up 10.8% from a year ago.

Sales of detached properties increased by 4.4% in October 2007 to 1,133 sales, compared to 1,085 sales in October 2006. The benchmark price of a detached unit is $730,022, up 12.2% from last year.

Sebastian Albrecht, Vancouver Realtor with Royal LePage

The Canada Mortgage and Housing Corporation released their forecast for the Vancouver housing market in 2008. They view the next year to be a positive one as far as resales and price appreciation. Interest rates are predicted to stay relatively level, and prices are predicted to continue to raise at about an average of 9.1%.

According to the CMHC press release of November 2, 2007:

“In Vancouver, housing demand will be supported through 2008 by ongoing job growth and a steady flow of people moving to the region” said Robyn Adamache, CMHC’s Vancouver Senior Market Analyst. Solid home price gains will continue to attract investors and live-in homeowners alike. These factors, combined with Vancouver’s growing international reputation as a clean, liveable city, will keep demand for new and resale housing robust. Both new home starts and existing home sales will stay near record highs, but edge down slightly in the year ahead. Look for new and resale home prices in Metro Vancouver communities to increase, but at a slower pace than in recent years.

Sebastian Albrecht, Vancouver Realtor with Royal LePage