Market Update - Signs Pointing Towards Busy Spring Housing Market

Vancouver, BC April 3, 2007 - The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 3,582 units in March 2007, a decrease of 11.2 per cent when compared to the 4,033 units sold in March 2006 and a decrease of 9.0 per cent when compared to the 3,938 sales in March 2005.

New listings for detached, attached and apartment properties decreased by 5.4 per cent to 5,456 units when compared to the 5,767 units listed in March 2006.  The total number of active listings increased by 19.5 per cent to 10,356 units when compared to March 2006's 8,664 units.

"Last month we saw a relatively fast turn around on the majority of properties listed on the MLS® system.  The average days on market dropped to 43 days in March 2007, compared to 49 days in February 2007" says REBGV president Brian Naphtali.  "Consumer demand for property in the Greater Vancouver area is still very, very high and the market is heating up as a result."

"With year-over-year double digit price increases pushing the average price for a  single-family home to near record levels, sellers are continuing to get excellent value for their homes throughout Greater Vancouver.  Despite these price increases, buyers are still not shying away from this market either," says Naphtali.  "New listings are still very tight, but the increase in total listing inventory is opening new opportunity for people to to make that long awaited move to their new home."

According to the Multiple Listing Service® data, sales of apartment properties decreased by 13.9 percent to 1,532 sales in March 2007 compared to 1,779 sales in March 2006.  The benchmark price of an apartment property in Greater Vancouver, calculated by the MLS Link Housing Price Index is $349,373, up 14.5 percent from one year ago.

Sales of attached properties decreased by 10.8 percent in March 2007 to 651 sales, compared to 730 sales in March 2006.  The benchmark price of an attached unit is $428,299, up 13.9 percent from one year ago.

Sales of detached properties decreased by 8.2 percent in March 2007 to 1,399 sales, compared to 1,524 sales in March 2006.  The benchmark price of a detached unit is $682,173, up 11.8 percent from last year.