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Robust housing market continues in September

Vancouver, BC - The Real Estate Board of Greater Vancouver (REBGV) reports that year-to-date sales to the end of September are up 2.6 per cent in comparison to the same time last year. Sales of detached, attached and apartment properties decreased by 15 per cent to 2,853 units sold in September 2004, compared to 3,357 sales in September 2003. Compared to September 2002, when 2,476 units were sold, sales have increased 15.2 per cent.

"We are now in the midst of a very healthy market, one in which buyers have some time to find the right property and sellers can be sure they are getting fair market value for their home," says REBGV President Andrew Peck.

"Almost 3,000 units sold in September. It's clear that we are experiencing a very active market. If we continue with this type of activity, we will see 2004 break the record for the most sales ever in the Board's history," Peck says.

According to Multiple Listings Service data, sales of apartment properties increased 6.5 per cent in September 2004 to 1,333 sales, compared to 1,252 sales in September 2003. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $244,530, up 17 per cent from one year ago.

Sales of attached properties decreased 30.6 per cent in September 2004 to 392 units sold, compared to 565 units in September 2003. The benchmark price of an attached unit is $327,300, up 16.4 per cent from September 2003.

Sales of detached properties decreased 26.8 per cent to 1,128 sales in September 2004 compared to 1,540 sales in September 2003. The benchmark price of a detached home increased to $504,650, up 14.8 per cent from a year ago.

Bright spots in Greater Vancouver in September 2004 compared to September 2003:
Apartments:
Burnaby up 43.9% (190 units sold, up from 132)
New Westminsterup 47.6% (85 units sold, up from 58)
Richmond up 8% (162 units sold, up from 150)
Vancouver Eastup 9% (145 units sold, up from 133)

The Real Estate Industry is a key economic driver in British Columbia. In 2003, dollar volume sales of homes province-wide set a new record at more than $24 billion. Based on this figure, BC home sales in 2003 generated over $1.8 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 7,500 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 impact the real estate consumer. 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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