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Tuesday, December 3rd, 2002

Condominiums warm November market

VANCOUVER, BC - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties totaled 2,555 in November 2002, down two per cent from the 2,604 properties sold during the same period in 2001.

In a demonstration of the underlying strength of the housing market, sales of apartment properties increased eight per cent, with a total of 955 units sold in November 2002 compared with 882 sales in November 2001, according to Multiple Listing Service data. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $182,490 up 10.5 per cent from one year ago.

Real Estate Board president, Stephanie Corcoran, said two factors are at play. "Condominium apartments remain the most active sector of the Greater Vancouver real estate market as a result of historical lows in mortgage interest rates and strong demand," she said." At the same time, condominiums continue to remain an affordable housing option for many buyers and investors in the Greater Vancouver area.

Sales of attached properties were down 11 per cent from one year ago, with 375 sales in November 2002, compared with 426 sales in November 2001. The attached properties benchmark price is $248,140, an increase of 8.8 per cent from the same period last year.

Sales of detached properties totaled 1,230 in November 2002, a decrease of five per cent from the 1,306 detached units sold in November 2001. The detached benchmark price is $391,390, an increase of 9.7 per cent in comparison to last year.

Bright spots in Greater Vancouver communities in November 2002 compared to November 2001:
Detached:
Coquitlam up 6% (129 units sold from 122)
Richmond up 10% (141 units sold from 128)
Squamish up 100% (24 units sold from 12)

Attached:
New Westminster up 900% (9 units sold from 1)
Richmond up 15% (84 units sold from 73)
Squamish up 83% (11 units sold from 6)

Apartments:
Coquitlam up 21% (56 units sold from 46)
Maple Ridge/P. Meadows up 50% (18 units sold from 12)
North Vancouver up 20% (90 units sold from 75)
Richmond up 11% (112 units sold from 101)
Squamish up 75% (7 units sold from 4)
Vancouver West up 12% (389 units sold from 348)

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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