Photo: Evan Leeson/Flickr
As they did in July, home sales and prices posted year-over-year gains across the Vancouver region last month.
According to the Real Estate Board of Greater Vancouver, 2,771 homes changed hands on the Multiple Listing Service in August, up 10.2 per cent over the same time last year and 4.3 per cent above the 10-year sales average for the month.
“Activity this summer has been strong but not unusual for our region,” said REBGV Ray Harris. “The volume of home sales has been higher than we’ve seen in the last three years, yet below the record-breaking levels of the past decade.”
Indeed, the number of homes sold in August was a 9.5 per cent decline from July’s sales total. As for the value of Vancouver-area homes…
“Broadly speaking, home prices in the region are continuing to experience modest, incremental gains,” Harris continued.
The benchmark price index, calculated by using a formula that strips out the most expensive resale properties on the Multiple Listing Service, reached $631,600 last month for all residential property types, up five per cent year-over-year. And here’s the price breakdown for each housing segment.
Of course the Greater Vancouver market is made up of many smaller regional markets where prices and sale numbers can vary a great deal. To demonstrate this, we’ll compare the current benchmark prices of one of the region’s most expensive markets, the West Side of Vancouver, with one of its most affordable, Port Moody.
The complete August statics package can be seen here.