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No vacation for summer real estate sales

VANCOUVER, B.C. August 3, 2005 - Greater Vancouver's residential housing market remains brisk this summer, with demand continuing to outpace supply, as it has done for much of the year. While year-to-date sales increased 5.1 per cent, year-to-date residential housing listings decreased 8.4 per cent, representing approximately 3,000 fewer homes on the market this year compared to the same period in 2004.

According to the Real Estate Board of Greater Vancouver, there were 3,652 residential sales of detached, attached and apartment properties listed on the Multiple Listing Service® (MLS®) in July 2005, a 21 per cent increase over July 2004 when there were 3,019 sales. There were a total of 25,168 residential sales from January 1 to July 31, 2005, a 5.1 per cent increase compared to 23,940 sales during the same period in 2004.

"Sales activity in June and July show we have a real estate market that continues to keep pace with our economy," says REBGV President Georges Pahud. "Strong consumer demand, low and stable interest rates, job stability and a robust economy ensure a steady housing market".

"While the realities of supply and demand are influencing housing prices, it's important to note that over 60 per cent of all sales recorded in July were below the average prices across all three residential property types," Pahud says. "So while prices are increasing, there are many properties priced within affordable ranges."

According to the MLS®, sales of attached properties increased 33.4 per cent, with 647 units sold in July 2005 compared to 485 units sold the same month last year. According to the Board's Housing Price Index (HPI), the benchmark price of an attached property reached $336,343, up 10.8 per cent from 2004.

Sales of apartment properties increased 18.6 per cent in July 2005 to 1,567 sales, compared to 1,321 sales in July 2004. The benchmark price of an apartment property in Greater Vancouver is $267,814, up 16.5 per cent from one year ago.

Sales of detached properties in July 2005 totaled 1,438 units, an increase of 18.5 per cent compared to 1,213 sales in July 2004. The benchmark price of a detached home increased to $539,815, up 11.8 per cent from a year ago.

Bright spots in Greater Vancouver in June 2005 compared to June 2004:

The Real Estate industry is a key economic driver in British Columbia. In 2004, dollar volume sales of homes in Greater Vancouver set a new record at more than $13.8 billion. Based on this figure, Greater Vancouver home sales in 2004 generated over $1 billion in related sales.

The Real Estate Board of Greater Vancouver is an association representing more than 8,000 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or 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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