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September sales move towards a balanced market

Vancouver, B.C. Oct 3, 2006 -The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 2,519 units in September 2006, a decrease of 24.7 per cent compared to the 3,344 units sold in September 2005, and a 11.5 per cent decrease compared to the 2,845 sold during the same period in 2004.

New listings for detached, attached and apartment properties increased by 11.4 per cent to 5,115 units when compared to the 4,590 units listed in September 2005.

"We're moving towards a balanced market, a balance that brings greater stability to buyers and sellers throughout the Greater Vancouver area," says REBGV president Rick Valouche. "We're finally seeing an increase in inventory and that is great news for buyers in our active market.

"We're still selling far more properties monthly than we were four or five years ago," notes Valouche. "There's been a shortage of listings for some time. If listings continue to increase at this pace, we may be able to start meeting the strong demand for real estate that has been the driving characteristic of the Greater Vancouver market for the past five years."

According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 18.4 per cent to 1,093 sales in September 2006 compared to 1,339 sales in September 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $334,482, up 21.6 per cent from one year ago.

Sales of attached properties decreased by 33.8 per cent in September 2006 to 392 sales, compared to 592 sales in September 2005. The benchmark price of an attached unit is $411,898, up 19.6 per cent from a year ago.

Sales of detached properties decreased by 26.8 per cent in September 2006 to 1,034 sales, compared to 1,413 sales in September 2006. The benchmark price of a detached unit is $659,269, up 18.2 per cent from last year.

Bright spots in Greater Vancouver in September 2006 compared to September 2005:
Detached:
Port Moody/Belcarra up 72.7% (19 units sold, up from 11)
Squamish up 46.7% (22 units sold, up from 15)

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 8,500 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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