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Monday, December 3rd, 2001

Home sales soar in November

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 51 per cent to 2,604 in November 2001 compared to 1,730 during the same period in 2000.

According to Multiple Listing Service data, sales of attached properties increased 63 per cent, with a total of 426 units sold in November 2001 in comparison to 262 sales in November 2000. The attached benchmark price in Greater Vancouver, calculated by the Board’s Housing Price Index, is $225,990, up almost three and a half per cent from one year ago.

“There is a pent-up demand from consumers, whether they’re first-time buyers or investors, who recognize this is a good time to purchase real estate. Record low interest rates combined with low rental vacancies and tax competitiveness make purchasing a property an affordable and viable option,” said REBGV President Don Pearce.

Sales of apartments increased 56 per cent to 882 in November 2001 from 565 in November 2000. The benchmark price of an apartment is $165,400, an increase of almost five per cent in comparison to last year.

Year over year, sales of detached properties increased 44 per cent in November, with 1,296 sales compared with 903 sales in November 2000. The detached properties benchmark price is $354,330, an increase of just over four per cent from the same period last year.

A number of bright spots were noted in Greater Vancouver communities in November 2001 compared to November 2000:
Detached:
Burnaby up 61% (134 units sold from 83)
Coquitlam up 24% (122 units sold from 98)
Delta up 42% (47 units sold from 33)
Maple Ridge / Pitt Meadows up 23% (112 units sold from 91)
New Westminster up 75% (35 units sold from 20)
North Vancouver up 54% (131 units sold from 85)
Port Coquitlam up 142% (75 units sold from 31)
Richmond up 66% (128 units sold from 77)
Squamish up 100% (12 units sold from 6)
Vancouver East up 53% (237 units sold from 155)
Vancouver West up 35% (140 units sold from 104)
West Vancouver up 22% (60 units sold from 49)

Attached:
Burnaby up 113% (64 units sold from 30)
Coquitlam up 57% (33 units sold from 21)
Maple Ridge / Pitt Meadows up 64% (41 units sold from 25)
North Vancouver up 135% (47 units sold from 20)
Port Coquitlam up 87% (28 units sold from 15)
Port Moody / Belcarra up 42% (17 units sold from 12)
Richmond up 30% (73 units sold from 56)
Vancouver East up 59% (27 units sold from 17)
Vancouver West up 77% (69 units sold from 39)

Apartments:
Burnaby up 56% (100 units sold from 64)
North Vancouver up 79% (75 units sold from 42)
Port Coquitlam up 57% (22 units sold from 14)
Richmond up 91% (101 units sold from 53)
Vancouver East up 100% (94 units sold from 47)
Vancouver West up 60 % (348 units sold from 218)

The REBGV is an association representing some 6,700 Greater Vancouver REALTORS®. It provides a variety of membership services, including the Multiple Listing Service, to effectively serve the real estate needs of the community. The REBGV cooperates with other industry affiliates by addressing issues that may impact the real estate consumer. For the most comprehensive source of real estate, statistics, home buying and selling information, 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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