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News Release
May 3, 1999

Real estate market holds strong in 1999

VANCOUVER - Housing sales have increased for the fourth consecutive month, according to the Real Estate Board of Greater Vancouver (REBGV) April report. Overall sales for Greater Vancouver detached, attached and apartments reached 2,017 units, an increase of 16 per cent from 1,734 units sold in April 1998.

The greatest increase was found in the attached (townhouse) category where sales increased 24 per cent, with 342 units sold in April 1999, compared to 276 units sold the same month last year. According to the Board's Housing Price Index (HPI), the benchmark price of a townhouse in Greater Vancouver is $215,700, down three per cent from 1998.

"Housing prices have maintained their stability, however, the continual decline in active listings means fewer choices for homebuyers, especially in popular areas," says Dick Coates, REBGV president. Popular areas in April included Vancouver East and Vancouver West, with overall sales increases of 26% and 24% in each area respectively.

The Board also reports an increase in housing sales in the detached category of 22 per cent, with 1,148 units sold compared to 936 sold in April 1998. The benchmark or typical, price of a detached home in Greater Vancouver is $337,840, down five per cent from one year ago.

Apartment sales were up by two per cent, with 534 units sold in April 1999, compared to 522 units sold in the same month last year. The benchmark price for an apartment in Greater Vancouver is $151,270, down three percent from the same time last year.

Other industry experts have confirmed the upswing in the resale market. According to a recent Canadian Mortgage and Housing Corporation (CMHC) forecast, less activity is anticipated in the new housing sector, which will have a positive effect on the resale market for homes.

Bright spots in April 1999 compared to April 1998 include:
Detached:

Burnaby North up 35% (54 units sold from 40)
Burnaby South up 64% (46 units sold from 28)
Coquitlam up 43% (119 units sold from 83)
Maple Ridge/Pitt Meadows up 25% (117 units from 93)
Vancouver (West) up 46% (141 units sold from 46)
New Westminster up 22% (27 units sold from 22)
Vancouver (East) up 16% (181 units sold from 155)

Attached:

Coquitlam up 17% (27 units sold from 23)
North Vancouver up 20% (35 units sold from 29)
Vancouver (East) up 46% (27 units sold from 19)
Vancouver (West) up 126% (52 units sold from 23)

Apartments:

North Vancouver up 64% (69 units sold from 42)

For more information, contact:
Mary-Lynn Garrett
marylynnj@rebgv.org or (604) 730-3029.

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