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Healthy housing market heading into Autumn

Vancouver, BC - Greater Vancouver is experiencing a healthy real estate market heading into fall. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased by 17.5 per cent to 3,344 units sold in September 2005, compared to 2,845 sales in September 2004. Year-to-date sales to the end of September are up 9.9 per cent in comparison to the same time last year.

"It continues to be an opportune time for homeownership-first time buyers, move-up buyers, and high-end buyers are all benefiting from current market conditions," says REBGV President Georges Pahud. "MLS® sales of townhomes and apartments were the highest ever for any September on record.

"It's important to note that more than 67 percent of properties sold last month were under the average price. We can also credit favourable financing as a key factor in the market's strength for first time and move-up buyers," Pahud says.

According to Multiple Listings Service data, sales of apartment properties remained relatively unchanged with a less than 1 per cent increase in September 2005 to 1,339 sales, compared to 1,331 sales in September 2004. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $275,165, up 18.4 per cent from one year ago.

Sales of attached properties increased 51 per cent in September 2005 to 592 units sold, compared to 392 units in September 2004. The benchmark price of an attached unit is $344,435, up 11.5 per cent from September 2004.

Sales of detached properties increased 25.9 per cent to 1,413 sales in September 2005 compared to 1,122 sales in September 2004. The benchmark price of a detached home increased to $557,739 up 15.7 per cent from a year ago.

Bright spots in Greater Vancouver in September 2005 compared to September 2004:
Attached:
Burnaby up 92.1% (121 units sold, up from 63)
Maple Ridge/Pitt Meadows up 125% (63 units sold, up from 28)
Port Moody/Belcarra up 47.6% (31 units sold, up from 21)
Richmond up 26.4% (110 units sold, up from 87)
Vancouver East up 122.7% (49 units sold, up from 22)
Vancouver West up 27.5% (65 units sold, up from 51)
Apartments:
New Westminster up 14.1% (97 units sold, up from 85)
Port Coquitlam up 20.6% (41 units sold, up from 34)
Detached:
Burnaby up 16% (116 units sold, up from 100)
Coquitlam up 16.7% (133 units sold, up from 114)
Maple Ridge/Pitt Meadows up 80% (162 units sold, up from 90)
North Vancouver up 11.1% (100 units sold, up from 90)
Port Coquitlam up 19.6% (61 units sold, up from 51)
Richmond up 19.4% (160 units sold, up from 134)
Vancouver East up 44% (229 units sold, up from 159)
Vancouver West up 28% (160 units sold, up from 125)
West Vancouver/Howe Sound up 19.4% (74 units sold, up from 62)

The Real Estate industry is a key economic driver in British Columbia. In 2004, dollar volume sales of homes in Greater Vancouver set a new record at more than $13.8 billion. Based on this figure, Greater Vancouver home sales in 2004 generated over $1 billion in related sales.

The Real Estate Board of Greater Vancouver is an association representing more than 8,100 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service©. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.realtylink.org.

*In August 2004, the Greater Vancouver and Fraser Valley boards upgraded our existing MLS® systems to a common system called MLSLink. MLSLink® HPI is the latest version of the Board’s Housing Price Index (HPI) and is designed to accommodate the MLS® upgrade and improve the legacy HPI product. 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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