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Condo market drives real estate sales

Vancouver, BC - Greater Vancouver is experiencing a dynamic autumn real estate market, with the highest number of sales ever posted on the Multiple Listing Service for October. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties increased by 31.4 per cent to 3,765 units sold in October 2003, compared to 2,866 sales in October 2002.

"Market activity is up in general as consumers continue to take advantage of low interest rates," says Bill Binnie, REBGV president. "Condominium sales are significant. First time homebuyers and seniors moving from the family home, in particular, are choosing to purchase condos. These two groups see this as the right time to make these lifestyle changes."

According to Multiple Listings Service data, sales of apartment properties increased 63 per cent in October 2003 to 1,689 sales compared to 1,036 sales in October 2002. The benchmark price of an apartment property in Greater Vancouver, calculated by the Board's Housing Price Index, is $209,340, up 16.4 per cent from one year ago.

Sales of attached properties increased 25.5 per cent in October 2003 to 542 units sold compared to 432 units in October 2002. The benchmark price of an attached unit is $286,710, up 17.2 per cent from October 2002.

Sales of detached properties totaled 1534, an increase of 26.2 per cent compared to 1,398 sales in October 2002. The benchmark price of a detached home increased to $444,890, up 15.3 per cent from a year ago.

Bright spots in Greater Vancouver in October 2003 compared to October 2002:

Detached:
Coquitlam	up 17.7% (166 units sold, up from 141)
Port Coquitlam	up 67.4% (77 units sold, up from 46)
Vancouver East	up 10% (254 units sold, up from 233)
Vancouver West	up 21.6% (186 units sold, up from 153)
West Vancouver/Howe Sound	up 30.4% (73 units sold, up from 56)
Attached:
Coquitlam	up 45.9% (54 units sold, up from 37)
Richmond	up 47.1% (125 units sold, up from 85)
Vancouver West	up 36.5% (71 units sold, up from 52)
Apartments:
Burnaby	up 25.9% (146 units sold, up from 116)
Coquitlam	up 29.8% (74 units sold, up from 57)
Maple Ridge/Pitt Meadows	up 92.9% (27 units sold, up from 14)
New Westminster	up 24.1% (72 units sold, up from 58)
North Vancouver	up 21.8% (95 units sold, up from 78)
Richmond	up 20.8% (145 units sold, up from 120)
Vancouver East	up 100.9% (140 units sold, up from 67)
Vancouver West	up 99.3% (891 units sold, up from 447)

The Real Estate Industry is a key economic driver in B.C. In 2002, it generated nearly 1.6 billion in the community. The Real Estate Board of Greater Vancouver is an association representing over 6,900 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 June impact the real estate consumer. For 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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