News Release from the Real Estate Board of Greater Vancouver on MAY 2009 (REBGV):             Buyer activity brings greater stability to the housing market      VANCOUVER, B.C. – May 4, 2009 – With more buyers and fewer homes for sale in recent months, the Greater Vancouver housing market has entered a more moderate and balanced state.   For the sixth consecutive month, new listings for detached, attached and apartment properties declined in Greater Vancouver, down 33.7 per cent to 4,649 in April 2009 compared to April 2008, when 7,010 new units were listed. The total number of property listings on the Multiple Listing Service® (MLS®), while slightly down compared to last month, remains unchanged compared to the same period in 2008.   The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,963 in April 2009, a decline of eight per cent from the 3,218 sales recorded in April 2008, and an increase of 31 per cent compared to last month.   “We’re seeing greater balance in the housing market, as evidenced by a strong sales to active listings ratio of over 19 per cent,” Scott Russell, REBGV president said. “The result is a relatively stable market in which homes are being realistically priced.   “The bridge between buyer demand and housing supply is continuing to narrow, which, as we see, helps bring stability to home prices,” he said. “The trends in our housing market over the last couple of months offer a much more comfortable, historically normal set of conditions.”   Sales of detached properties declined eight per cent to 1,190 from the 1,293 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 12.2 per cent from April 2008 to $675,268.   Sales of apartment properties in April 2009 declined 10.5 per cent to 1,179, compared to 1,317 sales in April 2008. The benchmark price of an apartment property declined 12.6 per cent from April 2008 to $340,203.   Attached property sales in April 2009 are down 2.3 per cent to 594, compared with the 608 sales in April 2008. The benchmark price of an attached unit decreased 9.7 per cent between April 2008 and 2009 to $431,759.   Bright spots in Greater Vancouver in April 2009 compared to April 2008:   Detached:   Vancouver West                                 up 59.5 per cent (193 units sold from 121)   Attached:   Port Coquitlam                                    up 69.6 per cent (39 units sold from 23)   Richmond                                           up 17.9 per cent (132 units sold from 112)   Vancouver West                                 up 46.3 per cent (98 units sold from 67)   Apartments:   North Vancouver                                up 29.2 per cent (84 units sold from 65) WELCOME TO BEAUTIFUL BRITISH COLUMBIA The Land The variety of its landscape is the main reason for British Columbia's distinctiveness: its 947 800 km2 offer remarkable topographical contrasts. Where the Pacific Ocean reaches the continent, it meets a chain of islands, large and small, running from north to south. Some of these islands are nestled in fiords carved in the majestic Coastal Mountains, which rise more than 2 000 metres above sea level. The People British Columbia continues to attract Canadians and foreigners alike: 22 000 persons settled in the province in 1998, and its population now exceeds 4 million - 13 percent of Canada's total. Nearly 60 percent live in Vancouver and Victoria, the province's capital. Vancouver, the largest dry cargo port on the Pacific coast of North America, is home to more than two million people, which makes it the third largest city in Canada. About three fourths of BC's population live in the southwestern corner of the province. The majority of B.C.'s inhabitants are of British origin, but the population includes immigrants and descendants of immigrants of all nationalities. More than 100 000 British Columbians are of Chinese origin, Vancouver has North America's second-largest Chinese community. In addition, more than 60,000 of B.C. inhabitants are from India and over 16,000 from Japan. The Aboriginal population of British Columbia is growing in numbers and is over 200,000 people Economy Tourism is an important economic sector in British Columbia. With over five million hectares of parkland, the Rocky Mountains remain the biggest attraction. Coastal B.C., with its beaches, and other attractions, is also popular. Each year, about 15 million people visit British Columbia. Agriculture and fishing, especially salmon fishing, are two other key sectors of the economy of British Columbia. Manufacturing in B.C. is still largely resource-based, but is being gradually diversified by high-tech and computer-based industries related to telecommunications and the aerospace and sub-sea industries. British Columbia has the most balanced export market of all Canada's provinces, with the United States, Japan, the European Union and the Pacific Rim countries as its clientele.   *Columbia Encyclopedia, Sixth Edition, Copyright (c) 2003.   Capital: Victoria Motto: Splendor Sine Occasu (Splendor without diminishment) Flower: Pacific Dogwood Population(1998): 4,014,329