Metro Vancouver home sales continue to soar in summer

(September 09, 2015 )

By TIFFANY CRAWFORD, VANCOUVER SUN September 2, 2015

METRO VANCOUVER - Home buyers continued to snap up property in Metro Vancouver over the summer, as sales reached up to 30 per cent above the 10-year sales average, according to the Real Estate Board of Greater Vancouver.

In August, there were 3,362 property sales, a 21.3 per cent increase over the same month the year previous. In July, the number was even higher at 3,978 sales.

Board president Darcy McLeod said buyers are motivated and competing for a smaller supply of homes for sale than is typical at this time of year.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,281 in August, up 8.7 per cent over August 2014.

The total number of properties listed for sale on the region’s MLS is 10,897, a 26.2 per cent decline compared to last August and a 5.3 per cent decline compared to July 2015, according to the board.

“Those who have a sound buying strategy and an understanding of current price trends are having the most success in today’s market,” said McLeod, in a statement Wednesday.

The benchmark price for all residential properties in Metro Vancouver is $708,500, while a detached home reached $1,159,600, a 17.5 increase over last year.

Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

ticrawford@vancouversun.com

Home buyers continued to snap up property in Metro Vancouver over the summer, as sales reached up to 30 per cent above the 10-year sales average, according to the Real Estate Board of Greater Vancouver.
Photograph by: Gerry Kahrmann, Vancouver Sun