Lower Mainland housing sales reach record high

Kim LaBreche was one of 56,000 residents who bought homes in Greater Vancouver and the Fraser Valley last year, fuelling record sales. But finding a home in a hot market was far from easy.

"It was so stressful. I wasn't able to find anything I wanted," said LaBreche, who eventually gave up her desire to live in White Rock and settled on a three-bedroom rancher on a large lot in Cloverdale, snatching it off the market just after it was listed.

To do so, LaBreche, like many of the region's homebuyers, faced stiff competition and paid almost $90,000 more than she wanted to.

Greater Vancouver housing sales reached historic levels with 37,816 homes sold in 2003, the highest annual sales since 1989.

"We had a record-breaking year," said Bill Binnie, president of the Real Estate Board of Greater Vancouver. "Interest rates and consumer confidence were very important factors."

The benchmark price of a detached home in the region was $449,190, up 15 per cent from 2002, while the price of a townhouse was up 16 per cent to $284,080 and condo prices rose 14 per cent to $213,140.

Typical homes in West Vancouver topped $845,000 in December 2003, up 43 per cent from last year. Homes in the West End at $733,000 were up 18 per cent, and North Vancouver homes ran to $489,000, up 11 per cent.

High-end homes fuelled the market, Binnie said, as Vancouver realtors saw more million-dollar home sales than ever before.

Fraser Valley realtors also had their best showing in more than a decade. The 18,351 housing sales represented the highest yearly total since 1992. Sales reached $4.7 billion, up 23 per cent from last year.

"It kind of blew most of us away," said Reg Davies, Fraser Valley Real Estate Board president.

In 2003 the average cost of a detached single-family Valley home was $301,121, up $30,000 from the year before. Buying a townhouse cost $5,700 more on average in 2003, and average apartment costs skyrocketed $10,000 in a year.

In 2004, Davies predicts sales will slow slightly but remain solid until 2006-07.

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