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February 2, 2001

Home sales soar in January

Vancouver, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 29 per cent to 1,225 in January 2001 compared to 953 during the same period in 2000.

"We are pleased to see such a significant improvement in the market so early in the year," says REBGV President Bill Phillips. "A continued decline in interest rates and the prospect of a provincial election in the near future are creating an increasingly positive reaction in the market place. As a result, we believe rising consumer confidence will continue to positively influence the economy as we move forward."

According to Multiple Listing Service data, sales of attached properties increased 52 per cent in January, with 190 sales compared with 125 sales in January 2000. The attached properties benchmark price, calculated by the Board's Housing Price Index, is $217,400, an increase of 3 per cent over the same period last year.

Sales of detached properties increased 24 per cent, with a total of 666 units sold in January 2001 in comparison to 538 sales in January 2000. The detached benchmark price is $345,260, up 3 per cent from one year ago.

Year over year sales of apartments increased 27 per cent to 369 in January 2001 from 290 in January 2000. The benchmark price for a Greater Vancouver apartment is $155,170, a decrease of nearly 2 per cent in comparison to last year.

Several bright spots were noted in Greater Vancouver communities in January 2001 compared to January 2000:

Detached:
Coquitlam up 47% (81 units sold from 55)
Maple Ridge up 64% (64 units sold from 39)
North Vancouver up 59% (59 units sold from 37)
Richmond up 48% (77 units sold from 52)
Vancouver East up 12% (106 units sold from 95)
Attached:
Burnaby up 142% (29 units sold from 12)
Richmond up 122% (51 units sold from 23)
Vancouver West up 39% (25 units sold from 18)
Apartments:
Burnaby up 40% (42 units sold from 30)
New Westminster up 41% (24 units sold from 17)
Richmond up 58% (52 units sold from 33)
Vancouver West up 20% (137 units sold from 114)

The REBGV is an association representing some 7,000 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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