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Market remains stable despite cooler fall sales

Vancouver, BC - The Real Estate Board of Greater Vancouver (REBGV) reports that year-to-date sales for October 2004 remained relatively unchanged with a less than one per cent decrease in units sold compared to 2003. Sales of detached, attached and apartment properties totaled 2735 in October 2004, a decrease of 27.4 per cent from the 3766 properties sold during the same period in 2003.

"What we're seeing is a stable market," says REBGV President Andrew Peck. "Sales numbers for October 2004 were unheard of between October 1993 and October 2001.

"There is a good balance between home buyers and sellers that has resulted in less pressure on home prices," Peck says. "While benchmark prices increased in comparison to last year, we're seeing less of a change in comparison to last month. To get a better understanding of what's happening in your local market, consult your REALTOR®."

According to Multiple Listings Service data, sales of apartment properties decreased 24.7 per cent in October 2004 to 1,271 sales, compared to 1,689 sales in October 2003. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $243,090, up 15.1 per cent from one year ago.

Sales of attached properties decreased 20.5 per cent in October 2004 to 431 units sold, compared to 542 units in October 2003. The benchmark price of an attached unit is $324,280, up 13.6 per cent from October 2003.

Sales of detached properties totaled 1,033 in October 2004 compared to 1,534 sales in October 2003. The benchmark price of a detached home increased to $493,220 up 10.7 per cent from a year ago.

Bright spots in Greater Vancouver in October 2004 compared to October 2003:
Attached:
Port Moody/Belcarra up 37.5% (22 units sold, up from 16)
Squamish up 57% (11 units sold, up from 7)
Apartments:
Port Moody/Belcarra up 38.5% (18 units sold, up from 13)
Richmond up 11% (161 units sold, up from 145)

October 2004 detached, attached and apartment properties sales compared to October 1993 through October 2001 sales

  • October 2004 sales increased 34.7 per cent compared to October 1993. Year-to-date sales to the end of October 2004 are up 19.9 per cent in comparison to the same time in 1993.
  • October 2004 sales increased 33 per cent compared to October 1994. Year-to-date sales to the end of October 2004 are up 26.5 per cent in comparison to the same time in 1994.
  • October 2004 sales increased 23.5 per cent compared to October 1995. Year-to-date sales to the end of October 2004 are up 63.5 per cent in comparison to the same time in 1995.
  • October 2004 sales increased 3.8 per cent compared to October 1996. Year-to-date sales to the end of October 2004 are up 33.9 per cent in comparison to the same time in 1996.
  • October 2004 sales increased 17.9 per cent compared to October 1997. Year-to-date sales to the end of October 2004 are up 32.2 per cent in comparison to the same time in 1997.
  • October 2004 sales increased 76.8 per cent compared to October 1998. Year-to-date sales to the end of October 2004 are up 90.3 per cent in comparison to the same time in 1998.
  • October 2004 sales increased 49.8 per cent compared to October 1999. Year-to-date sales to the end of October 2004 are up 57.9 per cent in comparison to the same time in 1999.
  • October 2004 sales increased 43.9 per cent compared to October 2000. Year-to-date sales to the end of October 2004 are up 71.7 per cent in comparison to the same time in 2000.
  • October 2004 sales increased 13 per cent compared to October 2001. Year-to-date sales to the end of October 2004 are up 40.4 per cent in comparison to the same time in 2001.

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 ServiceĀ®, 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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