In August, Greater Vancouver home sales soared past average trends for the month, thanks to continued demand for relatively affordable housing options.
“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets. Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region,” says Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president, in a statement.
In fact, activity in the condo and townhome property types drove the region’s home sales 19.6 per cent above the 10-year sales average for August, according to REBGV’s latest data, published on Friday.
Out of all property types, condo sales topped the leaderboard last month with a total of 1,613 sales — a 20 per cent increase compared to the 1,343 sales a year ago.
Conversely, the appetite wasn’t as strong in the detached sector last month.
Although detached home sales have eased since reaching record highs last year, the benchmark price of a single-family home continues to rise modestly. Despite the ongoing price increases, Oudil says the detached sector has entered balanced territory.
“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,” says Oudil.
With all eyes on Greater Vancouver’s housing market to see how things will unfold during the remainder of 2017, here are seven more key stats you should know about REBGV’s latest market data release for last month: