The real estate market in the Greater Vancouver area, which kicked into high gear starting in 2002, is showing no signs of weakening anytime soon, according to the latest MLS figures released by the Real Estate Board of Greater Vancouver (REBGV).

Total residential sales for April 2007 reached 3,387 units, an increase of 1.3 per cent compared to April 2006, while the benchmark price climbed to $514,492, up 13.3 per cent from a year ago and up 98.4 per cent in the past five years.

"So far, the constants our market has experienced over the past five years are holding strong in 2007. We're still in one of the best markets real estate has ever had in Greater Vancouver," says REBGV president Brian Naphtali.

"Sales are higher than historical norms and homes are selling very quickly, usually with multiple-offers. Last month, the average days a property spent on market dropped again, down to 39 days, compared to 43 days in March, 49 days in February, and 56 days in January.

"There were a couple of surprises in April's market, particularly in attached housing sales throughout Greater Vancouver. Consumers buying townhomes in Richmond and Burnaby are clearly finding great value for their dollar as sales activity in those two cities came within a few units of breaking records," says Naphtali. "We also saw a significant increase in both new listings and active listings inventory."

Arlene Butler, manager of RE/MAX Select Properties in Vancouver's West Side, says any suggestion that the market might slow down in 2007 have not come true in her area of the city.

"It's a very vibrant and active market with a nice selection of listings, and they're selling quickly. In our office, we are running neck and neck with last year."

Butler says any property on the West Side that is priced correctly will usually receive multiple offers and be off the market in a relatively short period of time.

She says demand continues to be driven by both move up buyers from within Vancouver along with buyers from other areas of the country, including a growing number from Calgary and Alberta.

Butler says with the popularity of condominium living in Vancouver, people from around the world are buying property to hold for investment purposes or as a second home or vacation property.

The maintenance-free aspect of a condominium means they can use it for several months of the year, and then just lock it and leave.