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FOR IMMEDIATE RELEASE: Thursday, July 3, 2003

Low interest rates continue to fuel housing market

Vancouver, BC - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 31 per cent to 3,525 units in June 2003, compared to 2,689 sales in June 2002. The June 2003 figures represent an increase of 24.5 per cent compared to June 2001, when 2,831 sales were recorded.

"Excitement over the low mortgage rates has certainly been a key factor in the increased activity in the real estate market," says Bill Binnie, REBGV president. "We saw a steady decrease in the five-year mortgage rates in May and June."

"Though mortgage rates continue to remain at record lows, affordability is still a concern for certain buyers," Binnie says. "REALTORS® have the expertise to help people determine what's affordable. They have access to the most comprehensive sources of information available and can help determine which neighbourhoods and price ranges best suit their clients."

According to Multiple Listings Service data, sales of apartment properties increased 48.7 per cent in June 2003 to 1,355 sales compared to 911 sales in June 2002. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $197,890, up 11.6 per cent from one year ago.

Sales of detached properties totaled 1,659, an increase of 22.9 per cent compared to 1,350 sales in June 2003. The benchmark price of a detached home increased to $425,330, up 9.6 per cent from a year ago.

Sales of attached properties increased 19.4 per cent in June 2003 to 511 units sold compared to 428 units in June 2002. Sales of attached properties increased 17.2 per cent compared to the 436 attached units sold in June 2001. The benchmark price of an attached unit is $271,730, up 11.8 per cent from June 2002.

Bright spots in Greater Vancouver in June 2003 compared to June 2002:
Gulf Islands up 400% (10 units sold, up from 2)
Squamish up 47.4% (28 units sold, up from 19)
Burnaby up 47% (169 units sold, up from 115)
Coquitlam up 42.3% (185 units sold, up from 130)
Vancouver East up 38.9% (282 units sold, up from 203)
Maple Ridge/Pitt Meadows up 26.8% (180 units sold, up from 142)
North Vancouver up 25.2% (149 units sold, up from 119)
Vancouver West up 20% (180 units sold, up from 150)
Richmond up 19.4% (166 units sold, up from 139)

Sunshine Coast up 433.3% (16 units sold, up from 3)
Squamish up 112.5% (17 units sold, up from 8)
Port Moody/Belcarra up 108.3% (25 units sold, up from 12)
Vancouver West up 61.5% (84 units sold, up from 52)
North Vancouver up 42.9% (40 units sold, up from 28)
Richmond up 29.1% (102 units sold, up from 79)

Vancouver West up 90.2% (603 units sold, up from 317)
Port Moody/Belcarra up 88.9% (17 units sold, up from 9)
Vancouver East up 80.9% (123 units sold, up from 68)
Delta-South up 80% (18 units sold, up from 10)
Coquitlam up 62% (81 units sold, up from 50)
Maple Ridge/Pitt Meadows up 37.5% (22 units sold, up from 16)
Burnaby up 27.8% (138 units sold, up from 108)
New Westminster up 18.8% (57 units sold, up from 48)
North Vancouver up 13.5% (101 units sold, up from 89)
Richmond up 9.6% (149 units sold, up from 136)

The Real Estate Industry is a key economic driver in B.C. In 2002, it generated nearly 1.6 billion in the community. The Real Estate Board of Greater Vancouver is an association representing over 6,900 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service, and works with industry affiliates to address issues that June impact the real estate consumer. For information on real estate, statistics, and buying or selling a home, visit

For more information please contact:

Eileen Day, Manager of Communications
Real Estate Board of Greater Vancouver
Phone: (604) 730-3028 Fax: (604) 730-3102

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