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Monday, June 3rd, 2002

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 27 per cent to 3,429 in May 2002 compared to 2,703 during the same period in 2001.

According to Multiple Listing Service data, sales of apartment properties increased 50 per cent, with a total of 1,163 units sold in May 2002 in comparison to 776 sales in May 2001. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $178,490 up over 12.6 per cent from one year ago.

“Demand for housing remains high as a result of continued low interest rates,” said Stephanie Corcoran, President of the Real Estate Board of Greater Vancouver. “Prices have been inching up, but we don’t expect that to continue since active residential listings are also on the rise. That’s good news for the public, since it will moderate some of the demand pressure.”

Residential listings increased 20 per cent to 4,641 units in May 2002 from 3,871 in May 2001.

Sales of detached properties increased 18 per cent to 1,764 in May 2002 from 1,495 in May 2001. The detached benchmark price is $382,940, an increase of 9.1 per cent in comparison to last year.

Sales of attached properties increased 16 per cent in May, with 502 sales compared with 432 sales in May 2001. The attached properties benchmark price is $243,230, an increase of 11.2 per cent from the same period last year.

Bright spots in Greater Vancouver communities in May 2002 compared to May 2001:
Detached:
Burnaby up 34% (161 units sold from 120)
Coquitlam up 10% (171 units sold from 150)
Maple Ridge / Pitt Meadows up 27% (161 units sold from 126)
New Westminster up 27% (46 units sold from 36)
Port Coquitlam up 56% (83 units sold from 53)
Richmond up 29% (186 units sold from 144)
Squamish up 163% (29 units sold from 11)
Sunshine Coast up 25% (70 units sold from 56)
West Vancouver up 63% (108 units sold from 66)

Attached:
New Westminster up 250% (14 units sold from 4)
Maple Ridge/P. Meadows up 50% (51 units sold from 34)
North Vancouver up 57% (55 units sold from 35)
Sunshine Coast up 350% (9 units sold from 2)
Vancouver East up 106% (31 units sold from 15)

Apartments:
Burnaby up 57% (124 units sold from 79)
Coquitlam up 23% (52 units sold from 42)
Delta South up 100% (22 units sold from 11)
New Westminster up 27% (60 units sold from 47)
North Vancouver up 59% (113 units sold from 71)
Richmond up 110% (192 units sold from 91)
Vancouver East up 46% (95 units sold from 65)
Vancouver West up 42% (422 units sold from 296)

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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