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March 3, 2003

Bright market heading into an early spring

Vancouver, BC - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased 8.2 per cent to 2,760 units in February 2003 compared to 3,008 sales in February 2002.

February 2003 sales represent an increase of 40.4 per cent over January 2003 when 1,966 sales were recorded.

"We're experiencing the normal increased sales activity for this time of year," says Stephanie Corcoran, REBGV president. "Typically, the very beginning of the year is relatively quiet, with buyers stepping up their housing purchases as spring approaches."

According to Multiple Listings Service data, sales of apartment properties increased 3.7 per cent in February 2003 to 1,061 sales compared to 1,023 sales recorded in February 2002. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $189,040, up 9.8 per cent from one year ago.

Sales of detached properties totaled 1,293, a decrease of 16.1 per cent compared to 1,541 sales in February 2002. The benchmark price of a detached home increased to $407,450, up 8.9 per cent from a year ago.

Sales of attached properties decreased 8.6 per cent to 406 units compared to 444 units in February 2002. The benchmark price of an attached unit is $260,660, up 10 per cent from February 2002.

Bright spots in Greater Vancouver in February 2003 compared to February 2002:
Detached:
Burnaby up 9.5% (127 units sold from 116)

Attached:
New Westminster up 140% (12 units sold from 5)
Vancouver West up 11.1% (60 units sold from 54)
Whistler/Pemberton up 500% (5 units sold from 0)
Burnaby up 13.6% (67 units sold from 59)

Apartments:
Richmond up 17.5% (134 units sold from 114)
Squamish up 100% (8 units sold from 4)
Vancouver Eastside up 16.3% (93 units sold from 80)
Vancouver Westside up 6% (410 units sold from 387)

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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