Once again, it was competition for condos and townhome that drove the market to outdo itself. August 2017’s sales were 19.6% above the 10-year sales average, and with the benchmark price of an apartment now sitting pretty at the $626,800 and detached properties featuring a $778,300 benchmark price, first time homebuyers not only have to deal with soaring prices but plenty of competition.
“First-time home buyers have led a surge this summer in demand in our condominium and townhome market. Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region,” said Real Estate Board of Greater Vancouver president, Jill Oudil.
While on the other hand, the detached home market appears to have balanced out a little in Vancouver. “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.” Oudil concluded.
As for the rest of the market, we’ve broken the numbers down for you below.
New Listings (detached, attached, and apartment): 4,245
1.1% decrease from August 2016
19.2% decrease from July 2017
Residential Property Sales: 3,043
22.3% increase from August 2016
2.8% increase from July 2017
Total Properties for Sale on MLS®: 8,807
3.5% increase from August 2016
4.2% increase from July 2017
Sales-to-Active Listings Ratio: 34.6%
Check out our current listings.