VANCOUVER, B.C. – September 2, 2015 – Metro Vancouver* home buyers spent the summer months searching for their next home. Between June and August, home sales were between 25 and 30 percent above the ten-year sales average.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,362 on the Multiple Listing Service® (MLS®) in August 2015. This represents a 21.3 percent increase compared to the 2,771 sales recorded in August 2014, and a decrease of 15.5 percent compared to the 3,978 sales in July 2015.
Last month’s sales were 27.9 percent above the 10-year sales average for the month. “There was no summer lull in our market this year. Home buyers have been working with their REALTORS® throughout the summer months,” Darcy McLeod, REBGV president said. “They’re motivated, but they’re competing for a smaller supply of homes for sale than is typical for this time of year — that’s the dynamic driving our market right now.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,281 in August. This represents an 8.7 percent increase compared to the 3,940 new listings reported in August 2014. The total number of properties currently listed for sale on the region’s MLS® is 10,897, a 26.2 percent decline compared to August 2014 and a 5.3 percent decline compared to July 2015.
“Those who have a sound buying strategy and an understanding of current price trends are having the most success in today’s market,” McLeod said. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $708,500. This represents a 12 percent increase compared to August 2014.
The sales-to-active-listings ratio in August was 30.9 percent. This is the sixth consecutive month that this ratio has been above 30 percent in Metro Vancouver.
Sales of detached properties in August 2015 reached 1,290, an increase of 11.4 percent from the 1,158 detached sales recorded in August 2014, and a 22.6 percent increase from the 1,052 units sold in August 2013. The benchmark price for a detached property in Metro Vancouver increased 17.5 percent from August 2014 to $1,159,600.
Sales of apartment properties reached 1,494 in August 2015, an increase of 32.7 percent compared to the 1,126 sales in August 2014, and an increase of 46.8 percent compared to the 1,018 sales in August 2013. The benchmark price of an apartment property increased 6.3 percent from August 2014 to $405,400.
Attached property sales in August 2015 totalled 578, an increase of 18.7 percent compared to the 487 sales in August 2014, and a 30.2 percent increase from the 444 attached properties sold in August 2013. The benchmark price of an attached unit increased 7.3 percent between August 2014 and 2015 to $511,500.