Home sales in Metro Vancouver increased in August with condos and townhomes driving the rise.
The Real Estate Board of Greater Vancouver reports 3,043 residential sales in August, up 22.3% from a year earlier and up 2.8% from July.
Detached home sales were up 26% year-over-year to 901, apartments gained 20.1% (1,613) and attached home sales were up 22.7% (529).
“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”
The rise in sales, almost 20% above the 10-year average, comes despite lower new listings with 1.1% fewer homes listed (4,245) in August 2017 compared to a year earlier and a 19.2% drop from July.
Total inventory of 8,807 is 3.5% higher year-over-year but was 4.2% lower than in July.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,029,700, up 9.4% year-over-year and 1% month-over-month.
For each property type benchmark prices were:
- Detached $1,615,100 (up 2.2% y-o-y and 0.2% m-o-m)
- Apartment $626,800 (up 19.4% y-o-y and 1.7% m-o-m)
- Attached $778,300 (up 12.8% y-o-y and 1.9% m-o-m)
“Conditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets," Oudil said. "Detached homes have entered a balanced market. This means there's less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions."
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