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Real estate market maintains a steady course

Vancouver - The housing market continues to chart a stable course in the first quarter of the new millennium, reports the Real Estate Board of Greater Vancouver (REBGV). MLS® sales figures for March show little change from the recovery that began in early 1999.

"We continue to see property sales in certain communities lead the recovery. With interest rates slowly rising in the past few months, consumers who were thinking of purchasing a home are now beginning to buy," says the REBGV’s new president, Bill Phillips.

The biggest increase in sales was recorded in the West Vancouver detached market as sales increased 51 per cent compared to March 1999 figures.

According to the Board’s Housing Price Index (HPI), benchmark prices have increased in all property types over last year’s price levels. "Inventory of active listings has dropped by eight per cent, which has put upward pressure on prices," said Phillips.

The benchmark price of a detached home in Greater Vancouver is $341,760, up three per cent from one year ago. Detached home sales in March were recorded at 1,177 units, down two per cent from a year ago.

In the attached category, the benchmark price is currently $220,900, revealing a two per cent increase compared to one year ago. Attached property sales were down 11 units from the same time last year as 332 units changed hands last month.

Prices of apartments also moved upward in March. The benchmark price of $160,690 is two per cent higher than one year ago. Apartment sales dropped slightly to 611 units, reflecting a one per cent change from last years sales of 617 units.

Overall March sales for Greater Vancouver totalled 2,120 units. Although this one year change was a dip of two per cent, several bright spots were recorded in the following communities during the same period:

Detached:
Delta up 24% (51 units sold from 41)
New Westminster up 12% (37 units sold from 33)
West Vancouver up 51% (88 units sold from 58)

Apartments:
Maple Ridge up 77% (32 units sold from 18)
New Westminster up 20% (35 units sold from 29)

Attached:
Port Coquitlam up 50% (24 units sold from 16)

The Real Estate Board of Greater Vancouver is an association of Realtors committed to providing its 7,700 members with the structure and services to ensure a high standard of business practices and ethics, and to effectively serve the real estate needs of the community. For the most comprehensive source for real estate listings, statistics and community information, contact your local Realtor, pick up a copy of REBGV’s RealtyLink - In Print or visit the RealtyLink - On Line website at www.realtylink.org.

For more information, please contact:

Mary-Lynn Jacoby, Public Relations Coordinator
Real Estate Board of Greater Vancouver
2433 Spruce St., Vancouver V6H 4C8
Phone: (604) 730-3029 or E-mail: marylynnj@rebgv.org