Vancouver posts marked home sales acceleration in August

by Ephraim Vecina08 Sep 2017
In its latest data release, the Real Estate Board of Greater Vancouver (REBGV) reported that last month’s sales numbers saw appreciable increases, with a 2.8 per cent growth from July and 22.3 per cent on a year-over-year basis.

In terms of asset classes, detached home sales were up by 26 per cent annually. Meanwhile, apartments gained 20.1 per cent, and attached home sales increased by 22.7 per cent. All in all, last month’s sales were 19.6 per cent above the 10-year average for August.

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Board president Jill Oudil said, adding that residential properties in the $350,000 - $750,000 range have seen intensified competition and multiple offers across the region.

Metro Vancouver listings for detached, attached, and apartment properties decreased by 1.1 per cent year-over-year, and 19.2 per cent from July. The total number of residential properties currently listed for sale on the MLS® system in Metro Vancouver grew by 3.5 per cent compared to August 2016, but fell by 4.2 per cent month-over-month.

The REBGV’s August numbers can be viewed here.

COMMENTS

  • by Albert Luk 9/9/2017 2:29:13 PM

    What a tort of hunger ! The faster sales of condo is mainly because investors cannot afford to fund the price of single detached house anymore. The assessment in 2017 for condos are only about 10% comparing to 40% of the single detached houses. And the PTT exemption for new builds up to $750,000 hastily adopted by the Christy Clark government to amend the hole of 15% foreigner's tax pushes everyone to buy 1-2 BR condos under $750,000 mark. The double raises of prime within 2 months also pushed pre-approved lock ins to exercise their rights to buy without hesitation.

  • by Albert Luk 9/9/2017 2:31:19 PM

    What a tort of hunger ! The faster sales of condo is mainly because investors cannot afford to fund the price of single detached house anymore. The increase of assessment in 2017 for condos are only about 10% comparing to 40% of the single detached houses. And the PTT exemption for new builds up to $750,000 hastily adopted by the Christy Clark government to amend the hole of 15% foreigner's tax pushes everyone to buy 1-2 BR condos under $750,000 mark. The double raises of prime within 2 months also pushed pre-approved lock ins to exercise their rights to buy without hesitation.

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