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Condo sales continue to be strong and propel real estate market

Condo sales continue to be strong and propel the real estate market throughout Greater Vancouver. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased by 19.5 per cent to 3,918 units sold in May 2004, compared to 3,279 sales in May 2003.

"Great opportunities are available particularly in the condo market," says REBGV President Andrew Peck. "This will likely continue to fuel a strong move up market.

"We're also seeing an increase in inventory and that is great news for buyers in such an active market," Peck says. "There has been a shortage of new listings for some time, and REALTORS® knew that they needed to take more. There is still a huge pent-up demand for real estate in Greater Vancouver. It remains a hot, hot market."

According to Multiple Listings Service data, sales of apartment properties increased 45.9 per cent in May 2004 to 1,767 sales, compared to 1,211 sales in May 2003. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $240,160, up 22.4 per cent from one year ago.

Sales of attached properties increased 16.8 per cent in May 2004 to 584 units sold, compared to 500 units in May 2003. The benchmark price of an attached unit is $319,950, up 19.3 per cent from May 2003.

Sales of detached properties totaled 1,567 virtually no change compared to 1,568 sales in May 2003. The benchmark price of a detached home increased to $503,890 up 21.2 per cent from a year ago.

Bright spots in Greater Vancouver in May 2004 compared to May 2003:
Detached:
Burnaby up 20.6% (152 units sold, up from 126)
Maple Ridge/Pitt Meadows up 9% (181 units sold, up from 166)
Richmond up 9.5% (184 units sold, up from 168)

Attached:
Burnaby up 18.5% (96 units sold, up from 81)
Coquitlam up 59.3% (43 units sold, up from 27)
Maple Ridge/Pitt Meadows up 29.8% (61 units sold, up from 47)
North Vancouver up 27.8% (46 units sold, up from 36)
Richmond up 19.8% (121 units sold, up from 101)
Vancouver East up 50% (45 units sold, up from 30)

Apartments:
Burnaby up 81.3% (203 units sold, up from 112)
Delta South up 71.4% (24 units sold, up from 14)
Maple Ridge/Pitt Meadows up 106.7% (31 units sold, up from 15)
North Vancouver up 29% (120 units sold, up from 93)
Port Coquitlam up 45.5% (48 units sold, up from 33)
Richmond up 18.1% (170 units sold, up from 144)
Vancouver East up 53.4% (178 units sold, up from 116)
Vancouver West up 60.1% (799 units sold, up from 499)

The Real Estate Industry is a key economic driver in British Columbia. In 2003, dollar volume sales of homes province-wide set a new record at more than $24 billion. Based on this figure, BC home sales in 2003 generated over $1.8 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 7,200 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing ServiceĀ®, and works with industry affiliates to address issues that impact the real estate consumer. For more information on real estate, statistics, and buying or selling a home, 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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