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Monday, March 5, 2001

Housing sales continue to improve

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 9 per cent to 1,781 in February 2001 compared to 1,634 during the same period in 2000.

"We believe the anticipation of an upcoming election and increased consumer confidence in the economy are continuing to have a positive impact on the market," said newly elected REBGV President Don Pearce. Pearce’s term as president of the Real Estate Board of Greater Vancouver began on March 2, the day following the organization’s annual general meeting.

According to Multiple Listing Service data, sales of detached properties increased 14 per cent in February, with 972 sales compared with 856 sales in February 2000. The detached properties benchmark price, calculated by the Board’s Housing Price Index, is $351,850, an increase of more than 2 per cent over the same period last year.

Sales of attached properties increased 7 per cent, with a total of 290 units sold in February 2001 in comparison to 271 sales in February 2000. The attached benchmark price is $221,180, up 2 per cent from one year ago.

Year over year sales of apartments increased 2 per cent to 519 in February 2001 from 507 in February 2000. The benchmark price for a Greater Vancouver apartment is $160,110, a decrease of just over 2 per cent in comparison to last year.

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

Attached:
Maple Ridge/Pitt Meadows up 24% (31 units sold from 25)
North Vancouverup 63% (26 units sold from 16)
Richmondup 47% (78 units sold from 53)

Detached:
Coquitlam up 26% (92 units sold from 73)
Maple Ridge/Pitt Meadows up 31% (98 units sold from 75)
Port Coquitlam up 24% (52 units from 42)
Richmond up 92% (136 units sold from 71)
Sunshine Coast up 22% (27 units from 21)

Apartments:
New Westminster up 60% (32 units sold from 20)
Port Coquitlam up 150% (20 units sold from 8)
Vancouver East up 53% (49 units sold from 32)

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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