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Housing sales highest recorded in over a decade

Vancouver, BC - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased by a whopping 50.1 per cent to 4,023 units in July 2003, compared to 2,670 sales in July 2002.

"According to our records, the Real Estate Board has never recorded sales of over 3,000 for the month of July," says Bill Binnie, REBGV president. "Not only that, but these are the highest figures recorded for any month over the past 11 years. March 1992 was the last time we saw sales surpass the 4,000 mark.

"Consumer confidence, continuing demand, excitement over the Olympics - these may all be factors contributing to the current level of activity," Binnie says. "Combine these factors with the historic low interest rates and the result is the most dynamic market we've seen in a decade."

According to Multiple Listings Service data, sales of attached properties increased 62.6 per cent in July 2003 to 639 units sold compared to 393 units in July 2002. The benchmark price of an attached unit, calculated by the Board's Housing Price Index, is $270,360, up 10.2 per cent from July 2002.

Sales of apartment properties increased 61.3 per cent in July 2003 to 1,565 sales compared to 970 sales in July 2002. The benchmark price of an apartment property in Greater Vancouver is $201,960, up 11.7 per cent from one year ago.

Sales of detached properties totaled 1,819, an increase of 39.2 per cent compared to 1,659 sales in July 2002. The benchmark price of a detached home increased to $425,540, up 10.5 per cent from a year ago.

"Consumers who want to better understand the housing market, and who are looking for guidance to help them make the best buying or selling decisions, should contact their local realtor," Binnie advises.

Bright spots in Greater Vancouver in July 2003 compared to July 2002:
Detached:

Attached:
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)
Burnaby up 57.4% (85 units sold, up from 54)
Coquitlam up 69% (49 units sold, up from 29)
Maple Ridge/Pitt Meadows up 31.3% (63 units sold, up from 48)
North Vancouver up 70% (51 units sold, up from 30)
Port Moody/Belcarra up 210% (31 units sold, up from 10)
Richmond up 68.8% (135 units sold, up from 80)
Vancouver East up 46.7% (44 units sold, up from 30)
Vancouver West up 48.1 (80 units sold, up from 54)

Apartments:
Burnaby up 38.7% (147 units sold, up from 106)
Coquitlam up 38.1% (87 units sold, up from 63)
Delta-South up 107.1% (29 units sold, up from 14)
Maple Ridge/Pitt Meadows up 70% (34 units sold, up from 20)
New Westminster up 100% (94 units sold, up from 47)
North Vancouver up 16.7% (112 units sold, up from 96)
Port Coquitlam up 46.2% (38 units sold, up from 26)
Richmond up 27.3% (163 units sold, up from 128)
Vancouver East up 71.6% (127 units sold, up from 74)
Vancouver West up 93.8% (692 units sold, up from 357)

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 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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