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June residential sales second highest on record

Vancouver, B.C. July 3, 2007 - The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales reached 4,244 units in June 2007, an increase of 7.4 per cent compared to 3,951 sales in June 2006.

This figure represents the second highest number of sales during the month of June in the Board's history. The highest number of sales for that month was recorded in June 2005, when 4,333 sales were reported.

The total number of new listings reached 5,533 units, an increase of 1.3 per cent when compared to the 5,460 new units listed in June 2006. Total active inventory increased by 17.7 per cent to 11,811 units when compared to the 10,033 units active in June 2006.

"Housing sales in Greater Vancouver continue to be higher than historical norms. Combine strong demand with a healthy number of listings active throughout our Board's area, and you have a good market for both buyers and sellers," says REBGV president Brian Naphtali.

"Clearly, real estate continues to be seen as an excellent investment," Naphtali says. "REALTORS® continue to report strong sales activity across our entire Board area. To get a better understanding of the real estate market, we encourage consumers to talk with your local REALTOR®."

According to Multiple Listings Service® (MLS®) data, sales of apartment properties increased by 16.0 per cent to 1,846 sales in June 2007 compared to 1,591 sales in June 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $360,469, up 10.9 per cent from one year ago.

Sales of attached properties increased by 3.2 per cent in June 2007 to 775 sales, compared to 751 sales in June 2006. The benchmark price of an attached unit is $443,060, up 10.1 per cent from a year ago.

Sales of detached properties increased by 1.0 per cent in June 2007 to 1,623 sales, compared to 1609 sales in June 2006. The benchmark price of a detached unit is $715,715, up 10.3 per cent from last year.

Bright spots in Greater Vancouver in June 2007 compared to June 2006:
Detached:
Delta South up 30.2% (82 units sold, up from 63)
Richmond up 16.5% (198 units sold, up from 170)
Vancouver East up 5.2% (244 units sold, up from 232)
West Vancouver/Howe Sound up 15.1% (84 units sold, up from 73)
Attached:
North Vancouver up 34.9% (58 units sold, up from 43)
Vancouver West up 22.7% (92 units sold, up from 75)
Whistler/Pemberton up 225% (26 units sold, up from 8)
Apartments:
Burnaby up 10.4% (223 units sold, up from 202)
North Vancouver up 8.5% (127 units sold, up from 117)
Port Moody/Belcarra up 60.6% (53 units sold, up from 33)
Richmond up 12.8% (229 units sold, up from 203)
Squamish up 312.5% (33 units sold, up from 8)
Vancouver West up 24.3% (625 units sold, up from 503)
Whistler/Pemberton up 100% (16 units sold, up from 8)

The Real Estate industry is a key economic driver in British Columbia. In 2006, dollar volume sales of homes in Greater Vancouver set a new record at more than $18.2 billion. Based on this figure, Greater Vancouver home sales in 2006 generated over $922 million in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 8,900 REALTORS® The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.realtylink.org.

*In August 2004, the Greater Vancouver and Fraser Valley boards upgraded our existing MLS systems to a common system called MLSLink. MLSLink® HPI is the latest version of the Board’s Housing Price Index (HPI) and is designed to accommodate the MLS upgrade and improve the legacy HPI product. 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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