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March 1, 2000

News Release

Competition among homebuyers aids recovery

VANCOUVER -- According to the Real Estate Board of Greater Vancouver's (REBGV) Housing Price Index, benchmark prices of attached, apartment and detached property types increased in February compared to one year ago.

Dick Coates, REBGV President, says that increased housing demand has affected prices. "We're seeing a neighbourhood by neighbourhood recovery that is resulting in a competition among buyers for what they view are the best areas to live."

MLS® sales figures for February show little change from 1999 statistics as overall sales for Greater Vancouver dipped 44 units or two percent last month.

February attached property sales recorded a four per cent increase as 270 units changed hands, compared with the 259 units sold in February 1999. The benchmark price of $221,910 for Greater Vancouver attached homes reveals a three per cent increase from the same period last year.

Apartment sales showed no significant change in units sold and maintained the same sales level as last year. Prices of apartments moved upwards in February; the benchmark price of $162,060 is three per cent higher than one year ago.

February detached homes sales were recorded at 852 units, a slip of 67 units or seven per cent compared with last year's figures. The benchmark price of a typical detached home in Greater Vancouver is $339,990, up nearly two per cent from one year ago.

Other bright spots in February 2000 compared with February 1999 include:

Detached:

Burnaby (South)

up 42%

(37 units sold from 26)

Burnaby (North)

up 16%

(42 units sold from 36)

Port Coquitlam

up 20%

(42 units sold from 35)

West Vancouver

up 34%

(59 units sold from 44)


Attached:

Port Coquitlam

up 50%

(24 units sold from 16)

Port Moody/Belcarra

up 100%

(24 units sold from 12)

Vancouver (Westside)

up 50%

(42 units sold from 28)


Apartments:

Burnaby (South)

up 26%

(38 units sold from30)

Coquitlam

up 54%

(37 units sold from 24)

Vancouver Westside

up 10%

(198 units sold from 180)



The Real Estate Board of Greater Vancouver is an association of REALTORS® committed to providing its 7,700 members with the structure and services to ensure a high standard of business practices and ethics, and to effectively serve the real estate needs of the community. For the most comprehensive source for real estate listings, statistics and community information, contact your local Realtor, pick up a copy of REBGV's RealtyLink - In Print or visit the RealtyLink - On Line website at www.realtylink.org.

For more information, please contact:
Mary-Lynn Jacoby, Public Relations Coordinator
Real Estate Board of Greater Vancouver
2433 Spruce St., Vancouver V6H 4C8
Phone: (604) 730-3029 or E-mail: marylynnj@rebgv.org



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