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June 2, 2000
News Release

Market activity heats up for high-end homes

Vancouver

- The latest housing sales statistics from the Real Board of Greater Vancouver (REBGV) reveal a significant increase in the number of high-end homes sold so far this year.

Year-to-date figures for May show property sales over one million dollars reached 144 units, compared to 95 units sold during the same period last year. "The 52 per cent increase shows that market activity is accelerating in this price category after soft sales were experienced in 1999," said Bill Phillips, REBGV president. "These home purchasers tend not to be as constrained by raising interest rates as other homebuyers."

Increased unit sales of year-to-date activity occurred in all price categories over $500,000, with the exception of one small dip of six units in the $900,000 - $999,999 category. Property sales under $60,000 also improved as 169 units changed hands during the first five months of this year, compared to 75 units last year, a climb of 125.3 per cent.

The Board also reports that unit sales of apartments fared well last month. The 585 units sold reflect a 15 per cent increase over May 1999 figures. Unit sales of both detached and attached properties saw a modest decline compared to last year.

"Our MLS® statistics show that overall the market is very stable and demonstrates a renewed confidence in the housing market," Phillips said.

According to the Board's Housing Price Index (HPI), no change was recorded in the benchmark prices of Greater Vancouver apartments or attached properties. They remained stable at $162,040 and $218,950 consecutively. The detached benchmark price continues it's upward trend at $351,310, which is a one-year increase of 4.3 per cent.

Several bright spots were noted in May, 2000 compared with May 1999:


Detached:

South Delta

up 25% (65 units sold from 52)

New Westminster

up 34% (39 units sold from 29)

Port Moody/Belcarra

up 43% (33 units sold from 23)

Squamish

up 42% (20 units sold from 14)

West Vancouver

up 31% (76 units sold from 58)


Attached:

Port Coquitlam

up 16% (21 units sold from 18)


Apartments:

Burnaby (North)

up 35% (23 units sold from 17)

Coquitlam

up 81% (49 units sold from 27)

Vancouver Westside

up 9% (200 units sold from 182)

West Vancouver

up 33% (20 units sold from 15)

The REBGV is an association representing some 7,200 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 listings, statistics, home buying and selling information, visit www.realtylink.org



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