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REBGV News Release
June 1, 1999

Housing sales rise as supply declines

VANCOUVER - The Real Estate Board of Greater Vancouver (REBGV) reports another significant increase in sales of the attached (townhouse) category this month. Sales increased 46 per cent, with 340 units sold in May 1999, compared to 232 units sold the same month last year. The average price of a townhouse in Greater Vancouver is $ 224,750, up two per cent from 1998.

"The jump in sales in the attached category is likely a result of buyers who are moving up from their apartments into affordable houses," says Dick Coates, REBGV president. "Also affecting sales is the increase in mortgage rates, which has pushed first time buyers and buyers with guaranteed mortgage rates into the real estate market."

Continuing its 1999 upward pattern, overall sales for Greater Vancouver detached, attached and apartments reached 2,068 units, an increase of 23 per cent from 1,674 units sold in May 1998.

The Board also reports increased sales in the detached category of 23 per cent, with 1,220 units sold compared to 987 sold in May 1998. The average price of a detached home in Greater Vancouver is $357,560, down two per cent from one year ago.

"The steady decline in the supply of homes continues, however, the supply of active listings relative to sales is highest in the apartment category. This further indicates consumer demand for larger homes," says Coates .

Apartment sales were up by 12 per cent, with 508 units sold in May 1999, compared to 455 units sold in the same month last year. The average price for an apartment in Greater Vancouver is $ 182,038, up seven percent from the same time last year.

Bright spots in May 1999 compared to May 1998 include:

Detached:

Burnaby North up 51% (62 units sold from 41)
Burnaby South up 22% (43 units sold from 35)
Maple Ridge/Pitt Meadows up 14% (121 units sold from 106)
North Vancouver up 31% (114 units sold from 87)
Vancouver (East) up 29% (205 units sold from 158)
Vancouver (West) up 65% (175 units sold from 106)
West Vancouver up 41% (58 units sold from 41)

Attached:

Maple Ridge/Pitt Meadows up 147% (47 units sold from 17)
North Vancouver up 161% (34 units sold from 13)
Vancouver (East) up 46% (22 units sold from 15)
Vancouver (West) up 79% (52 units sold from 29)
Richmond up 40% (63 units sold from 45)

Apartments:

Burnaby (South) up 72% (43 units sold from 25)
Maple Ridge/Pitt Meadows up 233% (20 units sold from 6)

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