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August home sales stabilize in active market

Vancouver, BC - The Real Estate Board of Greater Vancouver (REBGV) reports that year-to-date sales to the end of August are up 4.8 per cent in comparison to the same time last year. Sales of detached, attached and apartment properties decreased by 24.4 per cent to 2,487 units sold in August 2004, compared to 3,290 sales in August 2003. August 2004 sales remain relatively unchanged compared to August 2002 when 2,468 units were sold.

"It's an active, stable market. Two thousand and three was an extraordinary year for record-breaking home sales. That kind of pace could not be maintained in the long-term. What we're seeing today is a return to active market conditions that are good for both buyers and sellers," says REBGV President Andrew Peck. "Sellers are not receiving multiple offers on the day they list their properties, but if it's priced right, buyers are ready to act."

"According to the Housing Price Index all sectors of the market saw an increase in prices in August 2004 compared to last year. We've also seen an increase in prices over the last three months."

"Given consumer confidence in BC’s economy, combined with the fact that Greater Vancouver is a region that is becoming known worldwide as a first-rate place to live, people continue to be motivated to own real estate here," Peck says.

According to Multiple Listings Service data, sales of apartment properties decreased 19 per cent in August 2004 to 1,045 sales, compared to 1,292 sales in August 2003. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board’s Housing Price Index, is $243,100, up 17.1 per cent from one year ago.

Sales of attached properties decreased 27 per cent in August 2004 to 379 units sold, compared to 520 units in August 2003. The benchmark price of an attached unit is $330,520, up 19.8 per cent from August 2003.

Sales of detached properties decreased 28 per cent to 1,063 sales in August 2004 compared to 1,478 sales in August 2003. The benchmark price of a detached home increased to $518,160 up 19.6 per cent from a year ago.

August 2004 detached, attached and apartment properties sales compared to August 1998 through 2002 sales

August 2004 sales increased 62.7 per cent compared to August 1998. Year-to-date sales to the end of August 2004 are up 105.9 per cent in comparison to the same time in 1998.
August 2004 sales increased 29 per cent compared to August 1999. Year-to-date sales to the end of August 2004 are up 72.1 per cent in comparison to the same time in 1999.
August 2004 sales increased 43 per cent compared to August 2000. Year-to-date sales to the end of August 2004 are up 90.5 per cent in comparison to the same time in 2000.
August 2004 sales decreased 3.1 per cent compared to August 2001. Year-to-date sales to the end of August 2004 are up 44.6 per cent in comparison to the same time in 2001.
August 2004 sales increased one per cent compared to August 2002. Year-to-date sales to the end of August 2004 are up 11.7 per cent in comparison to the same time in 2002.

The Real Estate Industry is a key economic driver in British Columbia. In 2003, dollar volume sales of homes province-wide set a new record at more than $24 billion. Based on this figure, BC home sales in 2003 generated over $1.8 billion in spin-offs. The Real Estate Board of Greater Vancouver is an association representing more than 7,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®, and works with industry affiliates to address issues that impact the real estate consumer. For more information on real estate, statistics, and buying or selling a home, 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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