Competition drives Metro Vancouver’s housing market
August home sales were 27.9% above the 10-year sales average for the month. Which makes it the 6th consecutive month that the sales-to-active-listings ratio has been above 30% in Metro Vancouver. (A ratio above 20% is considered a Seller’s Market.)
“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.”
- The benchmark price for a detached property in Metro Vancouver increased 17.5% from August 2014 to $1,159,600.
- The benchmark price of an apartment property increased 6.3% from August 2014 to $405,400.
- The benchmark price of an attached unit increased 7.3% between August 2014 and 2015 to $511,500.