Vancouver, British Columbia has had a series of record-breaking months in real estate sales, say local Realtors, spurred in large part by investors.

"With sustained low interest rates, compounded with the after effects of the Olympics announcement, we are experiencing an unprecedented increase of investment, confidence, and growth," says Realtor John Kowalchuk. "Vancouver is changing at a great rate. With lots of investment income pouring in, the real estate market is difficult to get into but not impossible."

Says Realtor Beverly Boston, "The year that 'sizzled' in Vancouver's real estate market was 2003. The Real Estate Board of Greater Vancouver reports that sales of detached, attached and apartment homes increased by 11.9 percent in 2003 compared to 33,792 sales in 2002. Not bad at all for a one-year increase."

Boston explains, "There were two persistent factors that had a noteworthy influence on the market throughout 2003 in Vancouver. Month after month, we continued to see historically low interest rates combined with pent-up demand from homebuyers. This movement was a continuance of a strong 2002 market, confidence in the economy, heightened interest in real estate as an investment, and enthusiasm during a year in which we won the 2010 Olympic bid for Vancouver and Whistler."

"Canada Mortgage and Housing Corporation predicts a modest decrease in total sales this year," advises Realtor Tim Zimich. "However, this demand will again be measured against relatively low inventory levels. In 2004, sales to active listings ratios similar to that which we have experienced over the past two years will continue to facilitate upward pressure on property values as demand measured against low inventory creates 'seller's market' and 'accelerating market' conditions."

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Published: February 11, 2004

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