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Consumer demand generates vigorous housing market

Vancouver, BC - Consumers continued to drive a robust housing market in September, with the highest sales posted on the Multiple Listing Service for that month since 1992. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased by 35.6 per cent to 3,357 units sold in September 2003, compared to 2,476 sales in September 2002.

"With the combination of low interest rates and confidence in the economy, consumers continue to see this as a great time to buy or sell a home," says Bill Binnie, REBGV president. "Activity was high throughout the summer, and is clearly extending into the fall.

"Given that this is the most active market we've seen for a September in more than a decade, there's likely still some pent-up demand from consumers who've been holding off buying or selling," Binnie says.

According to Multiple Listings Service data, sales of attached properties increased 44.9 per cent in September 2003 to 565 units sold compared to 390 units in September 2002. The benchmark price of an attached unit is $280,050, up 13.4 per cent from September 2002.

Sales of apartment properties increased 44.6 per cent in September 2003 to 1,252 sales compared to 866 sales in September 2002. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $209,280, up 15.3 per cent from one year ago.

Sales of detached properties totaled 1,540, an increase of 26.2 per cent compared to 1,220 sales in September 2002. The benchmark price of a detached home increased to $436,950, up 12.9 per cent from a year ago.

Bright spots in Greater Vancouver in September 2003 compared to September 2002:
Detached:
Coquitlam up 38.3% (177 units sold, up from 128)
Maple Ridge/Pitt Meadows up 35% (158 units sold, up from 117)
North Vancouver up 36.3% (124 units sold, up from 91)
Port Coquitlam up 62.8% (70 units sold, up from 43)
Port Moody/Belcarra up 75% (35 units sold, up from 20)
Richmond up 16% (174 units sold, up from 150)
Sunshine Coast up 17.9% (79 units sold, up from 67)
Vancouver East up 24.9% (241 units sold, up from 193)
Vancouver West up 16.7% (161 units sold, up from 138)
West Vancouver/Howe Sound up 51.8% (85 units sold, up from 56)

Attached:
Burnaby up 80.8% (94 units sold, up from 52)
Coquitlam up 61.3% (50 units sold, up from 31)
Richmond up 81.8% (120 units sold, up from 66)
Sunshine Coast up 500% (18 units sold, up from 3)
Vancouver East up 54.5% (34 units sold, up from 22)
Vancouver West up 58.3% (76 units sold, up from 48)

Apartments:
Burnaby up 80.8% (132 units sold, up from 73)
Coquitlam up 51.9% (82 units sold, up from 54)
New Westminster up 52.6% (58 units sold, up from 38)
North Vancouver up 71.9% (110 units sold, up from 64)
Richmond up 64.8% (150 units sold, up from 91)
Vancouver East up 38.5% (133 units sold, up from 96)
Vancouver West up 31.5% (463 units sold, up from 352)
West Vancouver/Howe Sound up 42.9% (20 units sold, up from 14)

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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