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Wednesday, September 4th, 2002

Condo properties still hot in August

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties totalled 2,468 in August 2002, down four per cent from the 2,566 properties sold during the same period in 2001.

According to Multiple Listing Service data, sales of apartment properties increased 12 per cent, with a total of 922 units sold in August 2002 compared with 823 sales in August 2001. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $179,490, up 10.4 per cent from one year ago.

"Condominium apartments remain the most active sector of the Greater Vancouver real estate market, while in other property categories, the market has stabilized from the intensity of the first part of this year," said Stephanie Corcoran, President of the Real Estate Board of Greater Vancouver. "While there was a dip in detached and attached property sales, benchmark prices rose in all property categories, an indication that the strong real estate market will continue."

Sales of attached properties were down nine per cent from one year ago, with 340 sales in August 2002, compared with 375 sales in August 2001. The attached properties benchmark price is $246,740, an increase of 8.6 per cent from the same period last year.

Sales of detached properties totalled 1,206 in August 2002, a 12 per cent decrease from the 1,368 detached units sold in August 2001. The detached benchmark price is $391,640, an increase of 10.9 per cent in comparison to last year.

Bright spots in Greater Vancouver communities in August 2002 compared to August 2001:
Detached:
Deltaup 6% (52 units sold from 49)
Sunshine Coast up 14% (62 units sold from 54)
West Vancouver up 8% (65 units sold from 60)

Attached:
Port Moody up 20% (12 units sold from 10)
Squamishup 50% (6 units sold from 4)
Vancouver East up 7% (28 units sold from 26)
Vancouver West up 7% (41 units sold from 38)
West Vancouver up 600% (7 units sold from 1)

Apartments:
Burnaby up 11% (108 units sold from 97)
Coquitlam up 52% (55 units sold from 36)
Maple Ridge/P. Meadows up 50% (18 units sold from 12)
Port Moody up 100% (12 units sold from 6)
Port Coquitlam up 93% (29 units sold from 15)
Richmond up 19% (119 units sold from 100)
Vancouver East up 22% (72 units sold from 59)

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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