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Friday, April 5, 2002

March sales spring forward

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 47 per cent to 3,392 in March 2002 compared to 2,315 during the same period in 2001.

According to Multiple Listing Service data, sales of apartment properties increased 59 per cent, with a total of 1,157 units sold in March 2002 in comparison to 728 sales in March 2001. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $175,160, up over 10 per cent from one year ago.

“Consumer confidence is still very strong and with prices starting to rise, today’s low interest rates continue to make purchasing a home an affordable option. Many people are comparing the costs of renting versus owning their own home. They see purchasing as a viable option and this as a good time to get into the real estate market,” said REBGV President Stephanie Corcoran.

Sales of detached properties increased 41 per cent to 1,719 in March 2002 from 1,215 in March 2001. The detached benchmark price is $374,850, an increase of over five and a half per cent in comparison to last year.

Sales of attached properties increased 39 per cent in March, with 516 sales compared with 372 sales in March 2001. The attached properties benchmark price is $238,000, an increase of nine and a half per cent from the same period last year.

A number of bright spots were noted in Greater Vancouver communities in March 2002 compared to March 2001:
Detached:
Burnaby up 55% (177 units sold from 114)
Coquitlam up 48% (184 units sold from 124)
Delta South up 45% (71 units sold from 49)
Maple Ridge / Pitt Meadows up 39% (175 units sold from 126)
New Westminster up 36% (38 units sold from 28)
North Vancouver up 22% (148 units sold from 121)
Port Moody up 63% (31 units sold from 19)
Richmond up 29% (179 units sold from 139)
Squamish up 163% (21 units sold from 8)
Sunshine Coast up 49% (58 units sold from 39)
Vancouver East up 53% (307 units sold from 201)
Vancouver West up 48% (176 units sold from 119)
West Vancouver up 25% (75 units sold from 60)

Attached:
Burnaby up 52% (67 units sold from 44)
Coquitlam up 62% (47 units sold from 29)
Delta South up 50% (18 units sold from 12)
Maple Ridge / Pitt Meadows up 86% (54 units sold from 29)
North Vancouver up 29% (58 units sold from 45)
Port Moody / Belcarra up 71% (24 units sold from 14)
Richmond up 41% (104 units sold from 74)
Vancouver East up 23% (38 units sold from 31)
Vancouver West up 22% (60 units sold from 49)

Apartments:
Burnaby up 54% (128 units sold from 83)
Coquitlam up 124% (74 units sold from 33)
Delta South up 180% (28 units sold from 10)
Maple Ridge / Pitt Meadows up 163% (21 units sold from 8)
North Vancouver up 95% (119 units sold from 61)
Port Coquitlam up 63% (44 units sold from 27)
Richmond up 33% (128 units sold from 96)
Vancouver East up 18% (80 units sold from 68)
Vancouver West up 77% (438 units sold from 248)

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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