MARKET STATISTICS UPDATE JUNE 16th 2006

MLS just released the following statistics:

Condos sales decreased by 10.8 % to 1,760 sales in May 2006 compared to 1,974 sales in May 2005. The benchmark price of a condominium in Greater Vancouver, calculated by the MLSLink Housing Price Index, is $321,559, up 24.4% from one year ago.

Townhouse increased by 12.9% in May 2006 to 772 sales, compared to 684 sales in May 2005. The benchmark price of a townhouse is $396,455, up 21.7% from one year ago.

Sales of detached properties decreased by 0.6% in May 2006 to 1,765 sales, compared to 1,776 sales in May 2005. The benchmark price of a detached unit is $635,926, up 21.5% from last year.

REBGV president Rick Valouche claims that these statistics are "great news for homebuyers in the Greater Vancouver market." He also states, "The number of residential properties available for sale rose by more than 14% when compared to the same period in 2005. this increase in inventory will help balance the high consumer demand that has been the driving characteristic of hte 2006 market so far."

This may be the case Rick but prices are still increasing and desirable properties are in still very high demand! Fell free to ask us for a free market evaluation!

Regards,

Michelle and Judith