Despite its traditional reputation as a quiet month, August activity in the residential markets North of the Fraser River was notable, particularly in the multi-family sectors. For all residential product types, REBGV is reporting an increase in unit sales of 19.6% above the August sales average, a 2.8% increase over July 2017 and a 22.3% increase over July 2016.
Despite seeing listings decline nearly 18% month over month, the condominium market recorded a 10% increase of completed transactions over July 2017, and a 20% increase over August 2016. Demand for condos remains exceptionally strong and as a result it’s reported benchmark price across Greater Vancouver* is now $626,800, an increase of over 19% from July 2016.
Attached, or townhouse, dwellings also reported historically strong sales for an August. Despite a 19% decline in the total available listings from July 2017, sales volume only decreased 3% month over month. While fewer townhouses traded in August than July, the 529 sales were still a 22.7% increase over the same month last year, a clear indicator of the strong demand that remains for these homes. The benchmark price for this product type across Greater Vancouver is now $778,300 which represents an increase of nearly 13% over August 2016.
Detached homes across greater Vancouver appear to have entered a balanced market with the sales to active listings ratio reaching 16.3%. Despite the 5% decline in completed sales relative to July, August saw the benchmark price of detached homes across Greater Vancouver bumped up slightly over the same time period and is now $1,615,100.
Check out our curated summary of the Greater Vancouver Real Estate Board’s August 2017 stats in infographics here.
View the Real Estate Board of Greater Vancouver’s entire stats package for August 2017 here.
Note: Areas covered by the 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, Pitt Meadows, Maple Ridge, and South Delta.
This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.