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Wednesday, May 2, 2001

Housing sales continue to soar

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 30 per cent to 2,253 in April 2001 compared to 1,729 during the same period in 2000.

According to Multiple Listing Service data, sales of apartments increased 52 per cent to 718 in April 2001 from 471 in April 2000. The benchmark price for a Greater Vancouver apartment, calculated by the Board’s Housing Price Index, is $160,300, remaining virtually unchanged in comparison to last year.

"First-time buyers are continuing to take advantage of the current lower interest rates to drive the growth in apartment sales. This is being fueled by a renewed confidence in the apartment market, which presents affordable options for the first-time buyer," said REBGV President Don Pearce. "We believe the lower interest rates, combined with the anticipation of an upcoming election and increased consumer confidence in the economy, are continuing to have a positive impact on the housing market."

Sales of attached properties increased 29 per cent, with a total of 347 units sold in April 2001 in comparison to 268 sales in April 2000. The attached benchmark price is $220,300, up one per cent from one year ago.

Year over year, sales of detached properties increased 20 per cent in April, with 1,188 sales compared with 990 sales in April 2000. The detached properties benchmark price is $355,450, an increase of just over two per cent over the same period last year.

A number of bright spots were noted in Greater Vancouver communities in April 2001 compared to April 2000:

Detached:
Coquitlam up 63% (122 units sold from 75)
Maple Ridge / Pitt Meadows up 63% (119 units sold from 73)
North Vancouver up 29% (121 units sold from 94)
Port Coquitlam up 59% (51 units sold from 32)
Port Moody up 59% (24 units sold from 17)
Richmond up 32% (132 units sold from 100)
Vancouver East up 15% (177 units sold from 154)
Vancouver West up 15% (147 units sold from 128)

Attached:
Coquitlam up 85% (24 units sold from 13)
North Vancouver up 67% (40 units sold from 24)
Port Coquitlam up 55% (31 units sold from 20)
Richmond up 22% (73 units sold from 60)
Vancouver West up 56% (61 units sold from 39)

Apartments:
Burnaby up 67% (70 units sold from 42)
Coquitlam up 32% (37 units sold from 28)
New Westminster up 145% (49 units sold from 20)
North Vancouver up 58% (63 units sold from 40)
Port Coquitlam up 186% (20 units sold from 7)
Richmond up 98% (99 units sold from 50)
Vancouver East up 81% (78 units sold from 43)
Vancouver West up 27% (249 units sold from 196)

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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