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Thursday, February 7th, 2002

Soaring home sales kick-start the new year

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that last month had the highest number of sales for the month of January since 1989.

Sales of detached, attached and apartment properties increased 84 per cent to 2,248 in January 2002 compared to 1,225 during the same period in 2001.

According to Multiple Listing Service data, sales of attached properties increased 108 per cent, with a total of 395 units sold in January 2002 in comparison to 190 sales in January 2001. The benchmark price of an attached property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $231,190, up just over five per cent from one year ago.

“The housing market showed great improvement, particularily in the last part of 2001. Our 2002 statistics reinforce that this trend is continuing. The stabilizing of record low interest rates and consumer confidence that real estate will increase in value has continued to create a demand in the market place,” said REBGV President Don Pearce. “Overall, consumers see this as a good time to get into the market and are purchasing real estate for investment and individual use.”

Sales of apartment properties increased 105 per cent to 757 in January 2002 from 369 in January 2001. The apartment benchmark price is $167,220, an increase of over seven and a half cent in comparison to last year.

Sales of detached properties increased 65 per cent in January, with 1,096 sales compared with 666 sales in January 2001. The detached properties benchmark price is $365,100, an increase of just under six per cent from the same period last year.

A number of bright spots were noted in Greater Vancouver communities in January 2002 compared to January 2001:
Detached:
Burnaby up 110% (105 units sold from 50)
Coquitlam up 20% (97 units sold from 81)
Delta South up 48% (43 units sold from 29)
Maple Ridge / Pitt Meadows up 69% (108 units sold from 64)
New Westminster up 22% (22 units sold from 18)
North Vancouver up 54% (91 units sold from 59)
Port Coquitlam up 68% (52 units sold from 31)
Port Moody up 110% (21 units sold from 10)
Richmond up 31% (101 units sold from 77)
Sunshine Coast up 100% (48 units sold from 24)
Vancouver East up 117% (230 units sold from 106)
Vancouver West up 59% (111 units sold from 70)
West Vancouver up 50% (51 units sold from 34)

Attached:
Burnaby up 121% (64 units sold from 29)
Coquitlam up 220% (32 units sold from 10)
Maple Ridge / Pitt Meadows up 113% (32 units sold from 15)
North Vancouver up 65% (28 units sold from 17)
Port Coquitlam up 200% (21 units sold from 7)
Port Moody / Belcarra up 50% (24 units sold from 16)
Richmond up 61% (82 units sold from 51)
Vancouver East up 317% (25 units sold from 6)
Vancouver West up 124% (56 units sold from 25)

Apartments:
Burnaby up 126% (95 units sold from 42)
Coquitlam up 52% (35 units sold from 23)
Delta South up 125% (18 units sold from 8)
New Westminster up 42% (34 units sold from 24)
North Vancouver up 178% (75 units sold from 27)
Port Coquitlam up 143% (17 units sold from 7)
Richmond up 79% (93 units sold from 52)
Vancouver East up 233% (70 units sold from 21)
Vancouver West p 105% (281 units sold from 137)

The REBGV is an association representing some 6,600 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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