The country’s most expensive market saw an almost 15% jump in October sales from a year ago, the Real Estate Board of Greater Vancouver said Tuesday.
The board said there were 3,057 sales in October, up from 2,661 sales a year earlier. Sales jumped 5.9% from September and were 16.6% above the 10-year average for October.
Prices also continue to rise with the board’s benchmark index up 6% from a year ago to $637,000.The average sale price of a detached home in the Vancouver area is now $1,250,557 but that’s still below the all-time high which was once close to $1.4-million.
“We’ve seen strong and consistent demand from home buyers in Metro Vancouver throughout this year. This has led to steady increases in home prices of between 4% and 8% depending on the property,” said Ray Harris, president of the board, in a statement.
New listings were up 4.4% in October from a year ago but dropped 14.7% from September. Detached homes were the exception with new listings dropping.
“Detached homes continue to increase in price more than condominium and townhome properties. This is largely a function of supply and demand as the supply of condominium and townhome properties are more abundant than detached homes in our region,” Mr. Harris said.
Detached home sales in October were up 19.1% from a year ago and 60.1% from two years ago. The benchmark price for detached homes was $995,100, a 7.9% increase from a year ago.
Source: Garry Marr, Financial Post
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