The Landcor Report - Q1 2011 Sales Summary

-1-
British Columbia Q1 2011
May 19 , 2011 th

Residential Sales Summary

The Landcor Report May 19th, 2011

Kung Hei Fat Choy?

Before recorded history, what’s now British Columbia and Asia had been
connected. When the glaciers covered North America and ocean levels were
low, the land under what’s now the Bering Strait brought the first migrants,
the hardy ancestors of what are now our First Nations people.
Millennium later, some historians believe seafaring Chinese explorers made
landfall along what’s now the West Coast, predating the dawdling Spanish
and English by centuries. In the late 1800s and as a prerequisite for the
Colony of British Columbia to join Confederation, the CPR laid its steel ribbon
across the continent, joining Canada’s eastern industry to the rough-edge
port city of Vancouver and, not coincidentally, the markets of Asia.
BC was built on migration. The difference: a larger percentage of the Asian
incomers aren’t coming in to make their fortunes; they’re arriving with
fortunes intact, especially in the Lower Mainland; eagerly buying their own
bits of the good life and helping buoy up real estate prices. Rightly or not,
the locals might – and do – sour on the increasing lack of affordability. But
market forces aren’t listening and certainly don’t care.
Quarterly Median Sales Prices/ BC All

1
% change Q410 - Q111 2 % change Q110 - Q111
BC Q1 2011 Q4 2010 %
Chg1 Q1 2010 %
Chg2
Number of Sales 19,152 19,875 -3.6% 23,195 -17.4%
Total Value of Sales $9.74B $9.44B 3.2% $10.69B -8.8%
Average $524,426 $484,109 8.3% $487,357 7.6%
Detached
Median $510,000 $474,845 7.4% $488,000 4.5%
Average $323,044 $317,021 1.9% $333,144 -3.0% In the ‘rest’ of BC, PRC migrants are far fewer, but PRC investment capital
Condo is not, with the focus on safe, politically stable, secure-supply resource-
Median $323,194 $315,888 2.3% $325,000 -0.6%
Average $367,475 $367,669 -0.1% $365,232 0.6% based industries: wood products, coal, minerals – needed to fuel China’s
Attached
Median $355,000 $358,950 -1.1% $360,000 -1.4%
burgeoning growth and via the supply/demand feedback loop, bolster global
commodity prices and further ripple into the BC Interior economies.
This new-sourced money helps revive these hard-hit resource-based
Laying the track was tough, hard, dangerous, and low paid. To do the job, economies and create badly needed jobs in regions long hit by the multi-
Canada brought in labourers from China, mostly male, invariably poor. Many prong whammy of the global recession, the Mountain Pine Beetle (MTB)
of the incomers settled in Canada, slowly building new lives, saving money outbreak, the struggling US economy, US protectionism, the strong Canadian
to bring over their own families, enduring much. dollar vis-à-vis the greenback and other negative factors.
So why the history lesson? Call it context for this report. More jobs at home means more homebuyers - and that’s good for BC’s
Here in British Columbia, the overall real-estate picture hasn’t changed struggling real-estate regions. The turnaround won’t be immediate and
much in Q1/11. As a whole, volumes and values continue to sag. In most all it’s uncertain whether or not residential markets in Hinterland BC will soon
regions, SFD isn’t getting beaten up near as badly as attached and condo. regain the peaks of 2007, but stability of any sort is welcome.
(There are regional aberrations. For example, the overall lack of condos in
the Kootenays where even a few sales distort and lift what is a very skinny
Quarterly Sales Counts/ BC All
market class).
Outside of Metro Vancouver, it’s been a long, hard, song of woe.
But inside Metro Vancouver, there’s an ever-growing tune in the air. The real-
estate action is centered in Metro Vancouver but the knock-on economic
music should ripple out into the entire province. It’s a new take on the old
Asian migrant song, only this time it’s not being strummed on the guitar, the
dominant western instrument of yore.
For better or for worse, the inner core of the BC real-estate market is twirling
to the sounds of the pipa, the classic Chinese lute. The Conservative majority government in Ottawa is expected to grease the
What happens here, will effect the whole dance floor. federal-approval wheels of various provincial energy and transportation
projects. For example, the long proposed (and contested) Enbridge
$5.5-billion bitumen pipeline project between the Alberta oil sands and
Sweet, Sour, Somewhere in Between Kitimat on the BC coast and pointed at Asia (assuming the oil-fat tankers
From the Lower Mainland condo towers, to the resource towns in the Interior, don’t bash into that BC coastline on their way out).
the siren calls from Asia in general – and the People’s Republic of China Rising oil prices should see more interest from perceptive Albertans in
(PRC) in particular – become ever more powerful. BC recreational real estate, especially in easily accessible and affordable
The differing effects, present and future, are proving interesting. regions such as the Kootenays.

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 The Landcor Report - Q1 2011 Sales Summary
-2- May 19th, 2011

Howdy, Familiar Strangers 1

% change Q410 - Q111 2 % change Q110 - Q111 3
% change month to previous month

Gr. Vancouver Q1 2011 Q4 2010 %

Chg1 Q1 2010 %
Chg2
In Metro Vancouver, it’s widely believed that the incoming stream of PRC
Number of Sales 10,030 9,558 4.9% 11,468 -12.5%
investors and homebuyers from the PRC are shoring up prices and sales,
Total Value of Sales $6.75B $6.10B 10.6% $6.83B -1.2%
especially in particularly desirable Richmond and Westside Vancouver. As
Beijing reins in wildly overheated domestic residential markets in Shanghai, Average $807,324 $773,662 4.4% $721,255 11.9%
Detached
Hong Kong etcetera, the PRC middle class moves its growing wealth offshore Median $735,000 $706,000 4.1% $670,900 9.6%
into havens such as Canada and Australia and more specifically, into Metro Average $363,869 $363,395 0.1% $372,925 -2.4%
Condo
Vancouver and Toronto. In China, real estate has long been regarded as a Median $360,000 $355,000 1.4% $358,000 0.6%
secure bet. Principal SFD house first, secondary investments (e.g. condos) to Average $458,389 $443,594 3.3% $445,348 2.9%
follow. Or so goes popular opinion. Attached
Median $445,000 $423,000 5.2% $428,000 4.0%
What some have underplayed or dismissed as apocryphal ‘as told by
realtors’, is underpinned by educated numbers. Gr. Van. Monthly Jan Feb % Chg3 March % Chg3
Number of Sales 3,029 2,780 -8.2% 4,221 51.8%
Just because we can, Landcor Data looked at 2008 to 2010 ‘luxury’ Total Value of Sales $2.01B $1.83B -9.4% $2.91B 59.6%
home sales in Westside Vancouver ($3 million plus) and ‘luxury’ condos in
Average $801,541 $807,471 0.7% $811,340 0.5%
Richmond ($2 million plus), matched the sales against new owners’ given Detached
and family surnames, drew off quintessential PRC or pure Chinese names Median $730,000 $735,000 0.7% $740,000 0.7%
(excluding ‘Western’ first names and/or any remotely non-Chinese variant) Condo
Average $368,246 $354,458 -3.7% $367,572 3.7%
and, yes, the realtors are correct. China is coming and it likes what it sees. Median $365,000 $355,050 -2.7% $358,000 0.8%
Average $446,615 $461,605 3.4% $466,533 1.1%
In 2008, Richmond and Westside combined saw 69 luxury home sales, the Attached
most expensive at $10.5 million. Of these 69 sales, 32 of them or 46 percent Median $425,000 $459,000 8.0% $454,900 -0.9%
of the listed owners fit the above criteria. In 2009 the most expensive sale
was $11.5 million; there were 72 luxury sales with 49 owners or 68 percent Vancouver Island Q1 2011 Q4 2010 %
Chg1 Q1 2010 %
Chg2

making the match. In 2010, the comparables were $17.5 million for the Number of Sales 3,121 3,382 -7.7% 3,967 -21.3%
house, 164 sales and 122 homes or more than 74 percent of new owners Total Value of Sales $1.19B $1.29B -7.2% $1.47B -18.6%
likely hailed from the “Middle Kingdom”. Average $397,795 $406,398 -2.1% $407,496 -2.4%
Detached
Median $393,000 $410,000 -4.1% $405,000 -3.0%
(Note: Data has no opinion. Changing demographics are reality and
inquisitive Landcor Data Corp. just follows the numbers. The ‘pure’ Chinese Average $263,106 $262,513 0.2% $274,875 -4.3%
Condo
names were winnowed from the ‘luxury’ data stream by Landcor’s senior Median $265,925 $264,342 0.6% $285,000 -6.7%
data analyst, who hails from the city of Wuhu in Anhui province in the PRC.) Average $312,750 $315,276 -0.8% $328,051 -4.7%
Attached
Sweet, sour or both but all ‘living’ markets evolve, demographics change; Median $322,250 $324,000 -0.5% $333,078 -3.3%
it’s the nature of real estate. Although there’s ongoing and lively discussion
Van. Island Monthly Jan Feb % Chg3 March % Chg3
about affordability in Metro Vancouver and the degree it’s affected by buyers
Number of Sales 948 916 -3.4% 1,257 37.2%
from outside BC, get used to it. It’s now part of the cityscape.
Total Value of Sales $345.54M $391.42M 13.3% $457.41M 16.9%
Good Bye, USA ... Nihao, China Average $397,895 $391,871 -1.5% $402,255 2.6%
Detached
Philosophers call it Morton’s Fork: having to choose between two equally Median $400,000 $388,250 -2.9% $394,240 1.5%
unpleasant alternatives. For BC lumber producers, it’s a historic dilemma. Average $270,176 $264,475 -2.1% $256,368 -3.1%
Throw in your chips (or 2x4s etcetera) with the protectionist, tariff-happy Condo
Median $269,925 $267,000 -1.1% $263,000 -1.5%
Yanks or risk getting frozen out from the only game in town. (Either ‘choice’ Average $329,763 $308,881 -6.3% $303,159 -1.9%
can mean, ahem, bad tines for all.) Attached
Median $350,000 $331,352 -5.3% $304,182 -8.2%
Regional and local resource-based economies are tied to larger economic
engines. When crucial export markets falter or get squeezed and/or sucked Okanagan Q1 2011 Q4 2010 %
Chg1 Q1 2010 %
Chg2
dry by pine beetles or ‘foreign’ politicians, the best option is to diversify, find Number of Sales 2,900 4,507 -35.7% 4,387 -33.9%
brave new markets and new products. Total Value of Sales $0.99B $1.53B -35.3% $1.45B -31.6%
In 2010, BC exports to Asia hit $28.7 billion or up nearly 15 percent or $3.6 Average $386,010 $393,905 -2.0% $372,001 3.8%
Detached
billion from 2009 figures with the PRC leading the charge. Median $385,000 $390,000 -1.3% $373,000 3.2%
Five years ago, two-thirds of Canuck wood went south of the line. Today, Condo
Average $239,556 $253,166 -5.4% $253,187 -5.4%
US sales account for barely one-third of exports, ‘ravaged’ by what The Median $247,250 $249,900 -1.1% $249,900 -1.1%
Economist calls American “protectionist measures and the collapse of the Average $288,084 $307,154 -6.2% $283,798 1.5%
American housing market.” Conversely, in 2010, BC lumber exports to the Attached
Median $285,000 $303,000 -5.9% $280,910 1.5%
PRC hit $687 million in 2010, up tenfold from 2003. In Q1/11 total sales to
Japan and China exceeded sales to the United States. In volume and value, Okanagan Monthly Jan Feb % Chg 3
March % Chg3
the PRC is now the number-one overseas destination for BC lumber and is Number of Sales 529 639 20.8% 894 39.9%
forecast to become BC’s biggest forest-product market by 2013. Total Value of Sales $173.45M $203.47M 17.3% $293.43M 44.2%
Average $379,750 $353,842 -6.8% $371,049 4.9%
The rest of the world? Buoyant. In 2010, BC exports to the EU rose 19 Detached
percent to $2 billion. South America: up 22 percent to $578 million. Median $375,500 $360,000 -4.1% $372,000 3.3%
Average $242,555 $229,242 -5.5% $246,341 7.5%
As the PRC’s economic clout grows, so does its hunger for commodities Condo
Median $250,000 $214,400 -14.2% $225,000 4.9%
and secure supplies. The next step: ownership. The oil sands of Alberta are
being actively courted. In BC, the recent $5.4-billion deal where PetroChina Average $273,523 $262,140 -4.2% $262,184 0.0%
Attached
International formed a 50-50 joint venture with Calgary-based Encana Median $289,000 $250,000 -13.5% $271,000 8.4%

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 The Landcor Report - Q1 2011 Sales Summary -3- May 19th, 2011
1
% change Q410 - Q111 2 % change Q110 - Q111 3
% change month to previous month

Corporation in the Cutbank Ridge field near Dawson Creek, BC and what is, Fraser Valley Q1 2011 Q4 2010 %
Chg1 Q1 2010 %
Chg2
so far, the PRC’s biggest move into Canadian energy. Number of Sales 2,548 4,094 -37.8% 4,358 -41.5%

Mindful of political sensitivities, PRC state-owned enterprises tread lightly in Total Value of Sales $0.94B $1.54B -38.9% $1.58B -40.5%
Canada. Rather than try for full control and risk Ottawa’s overweening rebuff, Average $455,506 $456,484 -0.2% $433,898 5.0%
Detached
China scouts around for smaller assets that are ailing or in development Median $440,000 $450,000 -2.2% $430,000 2.3%
and needing capital, or will take politically palatable minority positions or Average $191,529 $190,130 0.7% $190,484 0.5%
Condo
partnerships in larger, major assets. Median $192,000 $197,780 -2.9% $192,400 -0.2%
With forest products, bottom-line things first. As the PRC and other Asian Average $287,868 $293,837 -2.0% $284,170 1.3%
Attached
countries urbanize and the middle classes grow, so does the demand for Median $296,750 $299,000 -0.8% $289,000 2.7%
basic, high-volume ‘luxury’ products such as tissue and toilet paper.
Fraser Valley Monthly Jan Feb % Chg3 March % Chg3
On the pulp side of the sheets, Asia is making some acquisition moves. For Number of Sales 681 672 -1.3% 926 37.8%
example, Chinese textile giant Fulida Group Holding ’s private purchase of Total Value of Sales $239.41M $239.20M -0.1% $332.92M 39.2%
Neucel Specialty Cellulose Ltd. and its 160,000 tonnes/yr mill in Port Alice,
Average $454,738 $439,960 -3.2% $438,118 -0.4%
BC.; and the western Canadian assets of Singapore-based Asia Pulp & Paper Detached
(two pulp mills in Saskatchewan). Median $447,500 $435,250 -2.7% $432,000 -0.7%
Average $183,863 $186,917 1.7% $190,284 1.8%
On the timber side, analysts note that lumber-mill acquisitions are much Condo
Median $187,000 $197,500 5.6% $199,900 1.2%
more complicated, especially in Canada where nearly all productive forest
Average $281,296 $272,504 -3.1% $284,595 4.4%
land is held by provincial governments and not for sale and where whole-log Attached
exports are increasingly restricted. Rather than futz around with Canadian Median $286,580 $279,848 -2.3% $288,000 2.9%
bureaucrats, China prefers to simply buy the output and meanwhile make
timberland acquisitions in countries where whole-log exports are allowed, BC North/NW Q1 2011 Q4 2010 %
Chg1 Q1 2010 %
Chg2

ship the ‘sticks’ back home to China for processing. Number of Sales 1,831 2,278 -19.6% 2,009 -8.9%
Total Value of Sales $335.72M $409.52M -18.0% $371.00M -9.5%
China needs the sticks, stones, concrete and steel. As prosperity grows, so
Average $214,350 $213,342 0.5% $214,904 -0.3%
does the need for affordable housing. In 2011, Beijing plans to spend CNY1.3 Detached
Median $227,000 $227,000 0.0% $225,000 0.9%
trillion (US$197 billion) and build 10 million housing units and aims for 36
million units by 2015. Condo
Average $119,873 $73,206 63.7% $80,139 49.6%
Median $157,000 $87,700 79.0% $89,000 76.4%
Rise Again, Rise Again
Average $151,077 $177,373 -14.8% $169,062 -10.6%
In 2010, BC exported $4.2 billion in goods and materials to Japan, the Attached
Median $187,500 $181,500 3.3% $188,000 -0.3%
province’s second largest customer. In turn, more than 125,000 Japanese
tourists and language students visited BC, the most from any Asian country. BC North/NW Monthly Jan Feb % Chg3 March % Chg3
The destruction caused by hellish earthquake and tsunami of March 11, Number of Sales 295 308 4.4% 525 70.5%
2011 will take years and hundreds of billions of dollars to repair and replace. Total Value of Sales $50.57M $55.10M 9.0% $84.46M 53.3%
But the Japanese have long transcended catastrophe and rebuilt and in Average $210,378 $212,112 0.8% $203,521 -4.1%
Detached
what has long been is the material of choice and mainstay BC export: shock Median $226,000 $240,000 6.2% $220,000 -8.3%
resistant, flexible, wood and non-nuclear energy sources such as coal and Average $96,615 $78,930 -18.3% $68,139 -13.7%
natural gas. To quote an old Asian proverb: “Within chaos lies opportunity.” Condo
Median $81,000 $79,500 -1.9% $74,400 -6.4%
In the last two years, 24 lumber mills have reopened in BC, some 10,000 Average $137,538 $175,894 27.9% $188,309 7.1%
Attached
forest-sector workers called back. Meanwhile too, stronger marketing effort Median $125,000 $185,000 48.0% $207,500 12.2%
and trade links between Canada and the PRC has seen revised building
codes in China, better knowledge of frame construction and stronger About 18 klicks south, the Kitimat LNG (liquid natural gas) ship-terminal
distribution and supply chains. project plows along. Set on First Nations land and under a ‘unique
Ports of Haul, Towns to Watch partnership with the Haisla First Nation, plans call for a proposed capacity
of 610 million cubic feet per day, plans include a 463-kilometre, 914mm
At 54 degrees north, the Port of Prince Rupert is North America’s nearest pipeline from the natural gas fields at Summit Lake to Kitimat with initial
access point to key Asian markets, shaving two days off of traditional exports to Asia/Pacific expected by 2015. Kitimat is also the end point for
shipping routes. the proposed multi-billion dollar Enbridge Northern Gateway Pipeline linking
The Port of Prince Rupert is expanding into a first-rate container terminal; Alberta oil sands to Asian and southern markets.
Phase I completed in 2007 with three massive 120-meter-high post- Transmuting wood residue into clean energy, watts there not to like? For
panamax cranes handling half-a-million TEUs annually. Assuming it passes instance, the $45-million Bioenergy Project at Mackenzie sawmill, courtesy
environmental muster, the $650-million Phase II will up capacity to two owner Coniflex Timber Inc. and scheduled to light up the local commercial
million TEUs annually and should be fully operational in 2012. grid with about 230 gigawatt hours of profitable energy per annum
The Port of Kitimat has proposed a ‘bulk-break’ facility to handle non- In the Burns Lake area, Cheslatta Forest Products has a ‘green energy’
container material and which could see 180,000 tons of pellet storage, project on the burner, a proposed 10 megawatt gasification project that
half-a-million tons of concentrate, up to eight new deep-sea ship berths would convert scrap cellulose into enough juice to power 9,500 homes via
and almost a million square feet of warehouse space. Meanwhile, Rio Tinto a tie-in with the BC Hydro power grid and what would be a small element in
Alcan has plans to up product at its Kitimat aluminum smelter by almost 50 BC Hydro’s massive, multi-element, multi-year, $650 million to $750 million
percent to about 420,000 tonnes per annum. The modernization is slated to (est.) upgrades and capital projects in the Peace River and Dawson Creek/
employ about 1,500 construction workers at its peak. Chetwynd areas.

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 The Landcor Report - Q1 2011 Sales Summary
-4- May 19th, 2011

Iron Bubbles, Gathering Worries 1

% change Q410 - Q111 2 % change Q110 - Q111 3
% change month to previous month
On a year-over-year basis, in Q1/2011 the average SFD price in BC was up 7.6 Kootenay Q1 2011 Q4 2010 %
Chg1 Q1 2010 %
Chg2
percent or from $487,357 to $524,426 and with much of the bounce coming Number of Sales 532 753 -29.3% 738 -27.9%
in the latter part of the year. Condo declined slightly to $323,044 but is now Total Value of Sales $126.87M $176.84M -28.3% $174.46M -27.3%
trending up; attached showed little change. Y-o-y overall sale numbers slipped Average $250,398 $265,664 -5.7% $259,647 1.3%
Detached
17.43 percent or down from 23,195 to 19,152 sales province wide, volume Median $265,000 $273,000 -2.9% $270,000 -1.5%
fell from $10.69 billion to $9.74 billion or off by almost nine percent. Average $189,692 $167,527 13.2% $210,307 48.7%
Condo
But these are BC averages, with Metro Vancouver figures melded into the whole Median $190,000 $147,750 28.6% $223,000 44.5%

and skewing the picture. While the rest of BC languished, in Q1/2011 Metro Average $279,691 $293,618 -4.7% $269,732 3.7%
Attached
Van continued to pelt along, with average SFD prices jumping by almost 12 Median $297,940 $279,050 6.8% $275,000 8.3%
percent to $807,324 versus the paltry $721,255 posted in Q1/2010. Attached Kootenay Monthly Jan Feb % Chg3 March % Chg3
also continued to gain, albeit at a slower pace, up almost three percent to Number of Sales 150 143 -4.7% 239 67.1%
$458,389 in Q1/2011. Year-over-year condo averages were actually down, off Total Value of Sales $36.48M $32.36M -11.3% $58.02M 79.3%
by 2.43 percent or from $372,925 to $363,869 (condo prices may shrink but Average $254,635 $240,520 -5.5% $253,912 5.6%
so do the physical floor spaces). Detached
Median $265,000 $257,000 -3.0% $267,000 3.9%
Let us now talk of bowls and bubbles. Average $181,281 $153,390 -15.4% $227,719 48.5%
Condo
Median $172,000 $137,750 -19.9% $230,250 67.2%
In Mandarin, it’s called tie fan wan or ‘iron rice bowl’ and the symbol of
Average $265,834 $315,719 18.8% $260,834 -17.4%
guaranteed, life-long job security with steady income and benefits, usually in Attached
the military or a state-owned industry. Median $266,000 $316,380 18.9% $278,225 -12.1%

But in modern China, change has put paid to many inefficient state-owned
factories and cracked many an iron rice bowl, ramping up rural unemployment
even as it expands the newly created urban middle class. The seeds of
domestic dissention, insecurity and uncertainty are sprouting.
Just a thought courtesy a recent study by MacoResearchBoard (MRB) and
as distilled by famed Canadian journalist Dianne Francis. There’s a growing
fear that Canada has a severe case of the ‘Dutch disease’, where a rocketing
resource sector boosts up the country’s currency, which then drives out
domestic manufacturing, tourism and other less volatile wealth generators,
making the country ever more dependent upon ever stronger commodity
prices. However, when those commodity prices drop or cheaper supplies are
found, the country is doomed, the windfall gone and the debt canyon created
by years of easy money is profound.
As Francis notes, although Canada is not directly co-dependant with China,
Canada’s good times are very dependant upon bubbling commodity prices
which have been largely driven by China’s need for raw materials.
As the MRB study worrisomely notes, although Canada has long been regarded
as the “51st state” of the United States, “it’s becoming more accurate to
regard Canada as another Province of China. . . . When China stumbles in the
years ahead and the commodity bull market comes to an end, Canada will
suffer through a painful economic contraction.”
Although the MRB study believes there’s still a few fat years before the bough
breaks and that accumulated household wealth will help (somewhat) cushion
the fall, Francis points to Canada’s “dirty little secret” that, although Ottawa
might boast that federal public debt to GDP is the lowest in the western world,
once you factor in provincial debt, Canada’s debt to GDP ratio approaches that
of the United States - not exactly a strong foundation to lean on.
While the windfalls still roll in, all levels of government and the public should
be busily paying down debt and amassing savings for the commodity crunch
to come. Scary mortgages, budgetary deficits, burgeoning public and private
debt, borrowing against tomorrow in what many feel is a real-estate bubble;
this is not sensible.
But what should be done, and what’s being done, are very different.
The PRC is heavily investing in Metro Vancouver for homes, outer BC for steady
resource pools. . . but for how long?
In Mandarin, it’s tie pao or ‘iron bubble’ . . . and if iron bowls can crack, iron
bubbles can certainly burst and the economic shrapnel could be painful. -30-

Sound real estate decisions are made using the best possible information. Incorporated in 1987, Landcor Data Corporation
has grown to be one of the most trusted providers of objective real estate data and analysis in British Columbia. LANDCOR® Data Corporation
During the past two decades we’ve helped hundreds of clients achieve their goals by offering the most comprehensive real
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development, our staff of highly qualified experts are here to help you find solutions to your real estate analysis and data 200 – 313 Sixth Street
needs. Landcor maintains the largest, most comprehensive database of historical sales and current information on BC
residential and commercial real estate. New Westminster, BC
Landcor’s database includes: V3L 3A7
• BC Assessment data on 1.91 million properties
• sales transaction data for BC, including prices updated weekly
• geographic location data used in custom reports
Rudy Nielsen R.I. (B.C.) FRI
Methodology: This report summarizes all residential sales transactions occurring in BC between Jan 1st and March 31st of President and Founder
2011. All numbers are based on BC Assessment data available as of May 3rd, 2010.

This report is provided by Landcor Data Corporation (“Landcor”) as a courtesy for general information purposes. Because the data in this report is provided to Landcor by the British Columbia Government and its various agencies, Landcor has no control over the ac-
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