Vancouver residential sales activity accelerates in August

Increase in the market’s sales volume attributable to a growing hunger for condos

Vancouver residential sales activity accelerates in August
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.

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