The condo and townhomes sectors led the rise in August
First-time homebuyers went shopping last month, driving the rise in home sales in Metro Vancouver.
There were 3,043 sales in August, up 22.3% from a year earlier and up 2.8% from July. Year-over-year apartment sales gained 20.1% (1,613 units) and attached homes increased sales by 22.7% (529 units).
The Real Estate Board of Greater Vancouver says that detached sales were up 26% to 901.
“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.”
Prices also gained, with the MLS benchmark up 9.4% year-over-year for all property types to $1,029,700.
For detached homes, the annual rise was a modest 2.2% ($1,615,100) while apartment prices soared 19.4% ($628,600) and attached prices gained 12.8% ($778,300.)
On a monthly basis, the overall price gain was 1% with detached rising 0.2%, apartments up 1.7% and attached homes up 1.9%.
“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."
There were 3,043 sales in August, up 22.3% from a year earlier and up 2.8% from July. Year-over-year apartment sales gained 20.1% (1,613 units) and attached homes increased sales by 22.7% (529 units).
The Real Estate Board of Greater Vancouver says that detached sales were up 26% to 901.
“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.”
Prices also gained, with the MLS benchmark up 9.4% year-over-year for all property types to $1,029,700.
For detached homes, the annual rise was a modest 2.2% ($1,615,100) while apartment prices soared 19.4% ($628,600) and attached prices gained 12.8% ($778,300.)
On a monthly basis, the overall price gain was 1% with detached rising 0.2%, apartments up 1.7% and attached homes up 1.9%.
“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."
