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Housing market shows year-end improvement

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 4 per cent to 1,309 in December 2000 compared to 1,253 during the same period in 1999. Overall sales in 2000 decreased 7 per cent to 20,401 units from 22,040 units in 1999.

"While the figures show an overall decrease in sales in 2000, we are pleased to see a year-end improvement," says REBGV President Bill Phillips. "December is typically a slower month in the housing market. This year, however, we have seen an increase in sales activity in all three areas: attached, detached and apartment units." "We believe the prospect of a provincial election, combined with a sound investment and business climate, will continue to have a positive impact on the housing market," says Mr. Phillips.

According to Multiple Listing Service data, sales of attached properties increased 16 per cent in December, with 217 sales compared with 187 sales in December 1999. The year’s sales activity decreased nearly 10 per cent, with 3,074 attached units sold in 2000 compared with 3,397 attached units sold in 1999. The attached properties benchmark price, calculated by the Board’s Housing Price Index, is $211,530, a decline of less than 1 per cent over the same period last year.

Sales of detached properties increased 1 per cent, with a total of 682 units sold in December 2000 in comparison to 673 sales in December 1999. Year-end figures show nearly an 8 per cent decrease in Greater Vancouver detached home sales, with 11,294 units sold in 2000 compared to 12,235 in 1999. The detached benchmark price is $334,840, down nearly 2 per cent from one year ago.

Year over year sales of apartments increased 4 per cent to 410 in December 2000 from 393 in December 1999. Total sales of apartments in 2000 decreased nearly 6 per cent to 6,033 units compared with 6,408 units in 1999. The benchmark price for a Greater Vancouver apartment is $156,710, a decrease of nearly 3 per cent in comparison to last year.

Several bright spots were noted in Greater Vancouver communities in December 2000 compared to December 1999:

The REBGV is an association representing some 7,000 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.

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