Photo: Jerry Meaden/Flickr
More homes sold in Greater Vancouver in 2015 than any previous year, despite the fact that the number of listings was below historical averages.
According to year-end data from the Real Estate Board of Greater Vancouver (REBGV), sales of detached, attached and apartment properties in 2015 reached 42,326 units, an increase of nearly 28 per cent compared to the 33,116 sales recorded in 2014. Indeed, as the below graph demonstrates, there wasn’t one month last year that didn’t record a price increase over its 2014 counterpart. The yearly gains were also bolstered by four straight months of at least 4,000 home sales from March to June.
“Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market,” said REBGV president Darcy McLeod in a release. “Housing markets typically experience quieter periods within a calendar year, but that wasn’t the case in Metro Vancouver last year.”
The composite benchmark price for all residential properties in the region was $760,900 in December, up 18.9 per cent compared to the same month in 2014. Broken down by property type, the benchmark price of a single-family home was ended the year up 24.3 per cent from where it was at the close of 2014.
Meanwhile, condo and townhome prices were 14 and 13.6 per cent higher year-over-year, respectively.
For more, the complete year-end statistics package can be downloaded here (PDF).