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Wednesday, July 3rd, 2002

Market remains strong despite June dip

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties totalled 2,689 in June 2002, a drop of five per cent from the 2,831 properties sold during the same period in 2001.

According to Multiple Listing Service data, sales of apartment properties increased eight per cent, with a total of 911 units sold in June 2002 in comparison to 841 sales in June 2001. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $178,010, up 12.2 per cent from one year ago.

"We are still in the midst of a strong real estate market," said Stephanie Corcoran, President of the Real Estate Board of Greater Vancouver. "After months of intense activity during the first half of this year, buyers are taking a breather and focusing more on holidays."

Sales of attached properties dipped slightly in June, with 428 sales in 2002 compared with 436 sales in 2001, a two per cent decrease. The attached properties benchmark price is $243,530, an increase of 10.4 per cent from the same period last year.

Sales of detached properties decreased 13 per cent to 1,350 in June 2002 from 1,554 in June 2001. The detached benchmark price is $388,650, an increase of 9.6 per cent in comparison to last year.

Bright spots in Greater Vancouver communities in June 2002 compared to June 2001:
Detached:
West Vancouver up 4% (79 units sold from 76)

Attached:
Burnaby up 7% (87 units sold from 81)
Maple Ridge/P. Meadows up 55% (59 units sold from 38)
Squamishup 100% (8 units sold from 4)
West Vancouverup 100% (10 units sold from 5)

Apartments:
Burnaby up 19% (108 units sold from 91)
North Vancouver up 51% (89 units sold from 59)
Port Coquitlam up 17% (28 units sold from 24)
Richmond up 100% (136 units sold from 68)
Vancouver East up 17% (68 units sold from 58)
West Vancouverup 47% (22 units sold from 15)

The REBGV is an association representing some 6,600 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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