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Wednesday, July 4th

Housing sales continue to soar

VANCOUVER, B.C. - The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased 42 percent to 2,831 in June 2001 compared to 1,989 during the same period in 2000.

According to Multiple Listing Service data, sales of attached properties increased 63 per cent, with a total of 436 units sold in June 2001 in comparison to 268 sales in June 2000. The attached benchmark price, calculated by the Board’s Housing Price Index, is $220,020, relatively unchanged in comparison to one year ago.

“We see every indication that sales will remain strong during the summer months, which is particularly positive given that summer is typically a slower period for housing sales,” said REBGV President Don Pearce. “With low mortgage rates, continuing lower prices and rising consumer confidence, we believe the public sees this as a good time to buy.”

Sales of apartments increased 46 per cent to 841 in June 2001 from 575 in June 2000. The benchmark price for a Greater Vancouver apartment is $158,690, a decrease of less than two per cent in comparison to last year.

Year over year, sales of detached properties increased 36 per cent in June, with 1,554 sales compared with 1,146 sales in June 2000. The detached properties benchmark price is $353,230, an increase of just over two per cent over the same period last year.

A number of bright spots were noted in Greater Vancouver communities in June 2001 compared to June 2000:

Detached:
Burnaby	up 63% (145 units sold from 89)
Coquitlam	up 57% (163 units sold from 104)
Delta South	up 23% (65 units sold from 53)
Maple Ridge / Pitt Meadows	up 31% (141 units sold from 108)
North Vancouver	up 19% (128 units sold from 108)
Port Coquitlam	up 90% (76 units sold from 40)
Richmond	up 25% (160 units sold from 128)
Squamish	up 58% (19 units sold from 12)
Vancouver East	up 45% (269 units sold from 185)
Vancouver West	up 51% (189 units sold from 125)
Attached:
Burnaby	up 238% (81 units sold from 24)
Coquitlam	up 39% (32 units from 23)
Maple Ridge / Pitt Meadows	up 31% (38 units sold from 29)
North Vancouver	up 68% (37 units sold from 22)
Port Coquitlam	up 56% (28 units sold from 18)
Richmond	up 82% (93 units sold from 51)
Vancouver East	up 43% (30 units from 21)
Vancouver West	up 60% (56 units sold from 35)
Apartments:
Burnaby	up 15% (91 units sold from 79)
Coquitlam	up 44% (49 units sold from 34)
Maple Ridge / Pitt Meadows	up 142% (29 units sold from 12)
New Westminster	up 58% (49 units sold from 31)
North Vancouver	up 48% (59 units sold from 40)
Port Coquitlam	up 14% (24 units from 21)
Vancouver East	up 32% (58 units sold from 44)
Vancouver West	up 78% (369 units sold from 207)

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.

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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