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Home sales soar in January

"We are pleased to see such a significant improvement in the market so early in the year," says REBGV President Bill Phillips. "A continued decline in interest rates and the prospect of a provincial election in the near future are creating an increasingly positive reaction in the market place. As a result, we believe rising consumer confidence will continue to positively influence the economy as we move forward."

According to Multiple Listing Service data, sales of attached properties increased 52 per cent in January, with 190 sales compared with 125 sales in January 2000. The attached properties benchmark price, calculated by the Board's Housing Price Index, is $217,400, an increase of 3 per cent over the same period last year.

Sales of detached properties increased 24 per cent, with a total of 666 units sold in January 2001 in comparison to 538 sales in January 2000. The detached benchmark price is $345,260, up 3 per cent from one year ago.

Year over year sales of apartments increased 27 per cent to 369 in January 2001 from 290 in January 2000. The benchmark price for a Greater Vancouver apartment is $155,170, a decrease of nearly 2 per cent in comparison to last year.

Several bright spots were noted in Greater Vancouver communities in January 2001 compared to January 2000:

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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