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Friday, September 7th

August housing sales highest in nine years

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that last month had the highest number of sales for the month of August since 1992.

Sales of detached, attached and apartment properties increased 48 per cent to 2,566 in August 2001 compared to 1,739 during the same period in 2000.

According to Multiple Listing Service data, sales of apartment properties increased 57 per cent, with a total of 823 units sold in August 2001 in comparison to 525 sales in August 2000. The benchmark price for a Greater Vancouver apartment, calculated by the Board’s Housing Price Index, is $163,070, relatively unchanged in comparison to one year ago.

“Consumers recognize that real estate is an appreciating asset and, for several reasons, are upgrading big-ticket items such as the purchase of a home. Buyers are looking to move up from a personal and investment perspective,” said REBGV President Don Pearce. “Thanks to lower income taxes, rising household incomes, dropping interest rates, competitive housing prices and renewed consumer confidence, home sales continue to be strong.”

Sales of attached properties increased 56 per cent to 375 in August 2001 from 241 in August 2000. The attached benchmark price is $228,440, an increase of just over six per cent in comparison to last year.

Year over year, sales of detached properties increased 41 per cent in August, with 1,368 sales compared with 973 sales in August 2000. The detached properties benchmark price is $354,280, an increase of three and a half per cent over the same period last year.

A number of bright spots were noted in Greater Vancouver communities in August 2001 compared to August 2000:


Detached:
Burnaby up 45% (136 units sold from 94)
Coquitlam up 73% (145 units sold from 84)
Delta South up 29% (49 units sold from 38)
Maple Ridge / Pitt Meadows up 61% (135 units sold from 84)
North Vancouver up 19% (105 units sold from 88)
Port Moody / Belcarra up 29% (27 units sold from 21)
Richmond up 49% (168 units sold from 113)
Squamish up 138% (19 units sold from 8)
Vancouver East up 45% (228 units sold from 157)
Vancouver West up 36% (154 units sold from 113)

Attached:
Burnaby up 94% (64 units sold from 33)
Coquitlam up 55% (31 units sold from 20)
Maple Ridge / Pitt Meadows up 153% (43 units sold from 17)
North Vancouver up 32% (29 units sold from 22)
Port Coquitlam up 85% (24 units sold from 13)
Richmond up 32% (86 units sold from 65)
Vancouver East up 86% (26 units sold from 14)
Vancouver West up 31% (38 units sold from 29)

Apartments:
Burnaby up 23% (97 units sold from 79)
Delta South up 188% (23 units sold from 8)
New Westminster up 43% (43 units sold from 30)
North Vancouver up 95% (72 units sold from 37)
Port Coquitlam up 114% (15 units sold from 7)
Richmond up 75% (100 units sold from 57)
Vancouver East up 59% (59 units sold from 37)
Vancouver West up 65% (332 units sold from 201)

The REBGV is an association representing some 7,000 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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