Photo: Winston Wong/Flicker
The Vancouver-area resale housing market continued its surge in October, with the number of homes sold up 14.9 per cent from a year ago and the benchmark price climbing six per cent.
According to the Real Estate Board of Greater Vancouver, 3,057 homes changed hands across the Multiple Listing Service last month compared to 2,661 sales in October 2013. Last month’s sales were 16.6 per cent above the 10-year sales average for the month.
Here’s how the numbers broke down for each housing type.
The MLS benchmark price for all residential property types in Metro Vancouver is currently $637,000, up from $600,700 in October 2013. According to REBGV president Ray Harris, the price gain can largely be attributed to the single-family home segment, which continues to increase in price more than condos and townhomes.
“This is largely a function of supply and demand as the supply of condominium and townhome properties are more abundant than detached homes in our region,” Harris said.
Here’s how the year-over-year price growth broke down for each housing type in October.
Other highlights from REBGV report
- The benchmark price of a single-family home on Vancouver’s West Side climbed 10.5% year-over-year and now sits at a staggering $2,305,700.
- The benchmark price of a single-family home on the East Side of Vancouver, meanwhile, hit $954,200 last month, up 12.2% from October 2013
- The price of a Whistler condo surged 23.9% year-over-year and ended the month at $233,900
- Condo prices in Maple Ridge fell -6.4% year-over-year. The benchmark price in that region is now only $163,800
Click here to view the complete REBGV statistics package.