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Thursday, January 3rd, 2002

Year-end sales sky-rocket

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 83 per cent to 2,394 in December 2001 compared to 1,309 during the same period in 2000.

According to Multiple Listing Service data, sales of apartment properties increased 108 per cent, with a total of 854 units sold in December 2001 in comparison to 410 sales in December 2000. The benchmark price of an apartment in Greater Vancouver, calculated by the Board’s Housing Price Index, is $165, 850, up almost seven per cent from one year ago.

“The housing market wraps up the year showing positive improvement and growth. With continuing factors such as low interest rates combined with pent-up demand, tax cuts, and tax competitiveness we are seeing a new era in real estate growth,” said REBGV President Don Pearce. “If the strength of the market at year-end is any indication, we’re shaping up for a busy 2002.”

Sales of attached properties increased 89 per cent to 411 in December 2001 from 217 in December 2000. The attached benchmark price is $232,130, an increase of almost 10 per cent in comparison to last year.

Sales of detached properties increased 66 per cent in December, with 1,129 sales compared with 682 sales in December 2000. The detached properties benchmark price is $357,770, an increase of over four and a half per cent from the same period last year.

Overall sales in 2001 for Greater Vancouver detached, attached and apartment properties increased 36 per cent to 27,825 units from 20,401 units in 2000. Apartment sales increased 46 per cent, with 8,789 units sold in 2001 compared to 6,033 units in 2000. Attached properties increased 43 per cent in 2001 with 4,383 units sold, from 3,074 in 2000. Detached home sales increased 30 per cent with 14,653 units sold in 2001 compared to 11,294 in 2000.

A number of bright spots were noted in Greater Vancouver communities in December 2001 compared to December 2000:
Detached:
Burnaby up 71% (101 units sold from 59)
Coquitlam up 35% (104 units sold from 77)
Delta South up 269% (59 units sold from 16)
Maple Ridge / Pitt Meadows up 61% (100 units sold from 62)
New Westminster up 40% (28 units sold from 20
North Vancouver up 35% (81 units sold from 60)
Port Coquitlam up 192% (70 units sold from 24)
Richmond up 46% (114 units sold from 78)
Squamish up 229% (23 units sold from 7)
Sunshine Coast up 64% (36 units sold from 22)
Vancouver East up 68% (215 units sold from 128)
Vancouver West up 64% (128 units sold from 78)
West Vancouver up 53% (46 units sold from 30)

Attached:
Burnaby up 137% (71 units sold from 30)
Coquitlam up 183% (34 units sold from 12)
Maple Ridge / Pitt Meadows up 110% (42 units sold from 20)
North Vancouver up 72% (31 units sold from 18)
Port Moody / Belcarra up 89% (17 units sold from 9)
Richmond up 36% (75 units sold from 55)
Vancouver East up 233% (30 units sold from 9)
Vancouver West up 89% (53 units sold from 28)

Apartments:
Burnaby up 159% (106 units sold from 41)
Coquitlam up 110% (65 units sold from 31)
New Westminster up 130% (46 units sold from 20)
North Vancouver up 119% (68 units sold from 31)
Port Coquitlam up 633% (22 units sold from 3)
Richmond up 279% (106 units sold from 28)
Vancouver East up 61% (61 units sold from 38)
Vancouver West up 78% (324 units sold from 182)

The REBGV is an association representing some 6,700 Greater Vancouver REALTORS®. It provides a variety of membership services, including the Multiple Listing Service, to effectively serve the real estate needs of the community. The REBGV cooperates with other industry affiliates by addressing issues that may impact the real estate consumer. For the most comprehensive source of real estate, statistics, home buying and selling information, visit www.realtylink.org.

For more information please contact:

Eileen Day, Manager of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3028 Fax: (604) 730-3102
E-mail: eday@rebgv.org



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