Property sales rose in 2002

Saturday, January 18th, 2003

Wyng Chow

The dollar volume of residential property sales soared in B.C. in 2002 as realtors across the province sold $19 billion worth of real estate, up 27 per cent from $15 billion in 2001.

Multiple Listing Service figures show 80,432 units changed hands last year, up 18.6 per cent over 67,799 units in 2001, and was the highest number since 1993 when 80,919 homes sold.

“Real estate led the way in B.C.’s economy last year,” B.C. Real Estate Association president Dennis Wilson said Friday. “More and more people are taking advantage of low interest rates to either buy their first home, or make a sound investment.”

The numbers reinforce the BC Assessment Authority’s recent report that property values rose by an average of 10 per cent.

In Greater Vancouver, $10.5 billion worth of residential property sold through the MLS in 2002, a 28-per-cent rise from $8.2 billion the previous year.

© Copyright  2003 Vancouver Sun

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