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Tuesday, May 1, 2002

April showers bring sales - Robust market continues

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 68 per cent to 3,785 in April 2002 compared to 2,253 during the same period in 2001.

According to Multiple Listing Service data, sales of apartment properties increased 85 per cent, with a total of 1,330 units sold in April 2002 in comparison to 718 sales in April 2001. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $177,710, up over 12.1 per cent from one year ago.

"The biggest factor boosting sales continues to be low mortgage rates. And while rates have risen, the good news for homebuyers is that rates are forecast to remain low for the rest of 2002, which means continued affordability. We expect the residential market to continue on an upswing," said REBGV President Stephanie Corcoran.

Sales of detached properties increased 59 per cent to 1,889 in April 2002 from 1,188 in April 2001. The detached benchmark price is $379,500, an increase of 8.3 per cent in comparison to last year.

Sales of attached properties increased 63 per cent in April, with 566 sales compared with 347 sales in April 2001. The attached properties benchmark price is $243,070, an increase of 10.6 per cent from the same period last year.

Bright spots in Greater Vancouver communities in April 2002 compared to April 2001:
Detached:
Burnaby up 58% (179 units sold from 113)
Coquitlam up 71% (209 units sold from 122)
Delta South up 46% (60 units sold from 41)
Maple Ridge / Pitt Meadows up 57% (188 units sold from 119)
North Vancouver up 30% (158 units sold from 121)
Port Coquitlam up 45% (74 units sold from 51)
Port Moody up 41% (34 units sold from 24)
Richmond up 60% (212 units sold from 132)
Squamish up 60% (24 units sold from 15)
Sunshine Coast up 185% (80 units sold from 28)
Vancouver East up 72% (306 units sold from 177)
Vancouver West up 50% (221 units sold from 147)
West Vancouver up 62% (91 units sold from 56)

Attached:
Burnaby up 97% (77 units sold from 39)
Coquitlam up 83% (44 units sold from 24)
Delta South up 83% (11 units sold from 6)
Maple Ridge/P. Meadows up 153% (66 units sold from 26)
North Vancouver up 52% (61 units sold from 40)
Richmond up 72% (126 units sold from 73)
Squamish up 125% (9 units sold from 4)
Vancouver East up 66% (30 units sold from 18)

Apartments:
Burnaby up 104% (143 units sold from 70)
Coquitlam up 108% (77 units sold from 37)
Delta South up 107% (27 units sold from 13)
Maple Ridge / Pitt Meadows up 52% (26 units sold from 17)
North Vancouver up 65% (104 units sold from 63)
Port Coquitlam up 85% (37 units sold from 20)
Richmond up 118% (216 units sold from 99)
Vancouver East up 46% (114 units sold from 78)
Vancouver West up 93% (481 units sold from 249)

The REBGV is an association representing some 6,500 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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