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May 2, 2003

Housing market remains strong for buyers and sellers

Vancouver, BC - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased 18.2 per cent to 3,095 units in April 2003, compared to 3,785 sales in April 2002. The April 2003 figures represent an increase of 37.4 per cent compared to April 2001, when 2,253 sales were recorded.

"While residential real estate sales are lower than last year, they are significantly higher than 2001. Last year was a banner year during which consumers were satisfying pent-up demand for housing. Looking back at historical statistics, it's clear that we're still experiencing a very healthy market," says Bill Binnie, REBGV president.

"The active market continues to put pressure on the listing inventory, with 21 per cent fewer listings in April in comparison to last year. It's a good market for sellers and, with the continuing attractive interest rates, it's also a good market for buyers," Binnie says.

According to Multiple Listings Service data, sales of apartment properties decreased 12.7 per cent in April 2003 to 1,161 sales compared to 1,330 sales in April 2002. This is an increase of 61.7 per cent in comparison to the 718 sales recorded in April 2001.The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $192,390, up 8.2 per cent from one year ago.

Sales of detached properties totaled 1,473, a decrease of 22.02 per cent compared to 1,889 sales in April 2002, and an increase of 24 per cent compared to April 2001 when 1,188 sales were recorded. The benchmark price of a detached home increased to $415,360, up 8.9 per cent from a year ago.

Sales of attached properties decreased 18.6 per cent to 461 units compared to 566 units in April 2002, and increased 32.9 per cent compared to the 347 attached units sold in April 2001. The benchmark price of an attached unit is $263,760, up 7.9 per cent from April 2002.

Bright spots in Greater Vancouver in April 2003 compared to April 2002:
Detached:
Squamish up 20.8% (29 units sold from 24)

Attached:
New Westminster up 57.1% (11 units sold from 7)
Vancouver East up 23.3% (37 units sold from 30)

Apartments:
New Westminster up 13.1% (69 units sold up from 61)

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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