Vancouver home sales gain as first-timers go shopping

The condo and townhomes sectors led the rise in August

Vancouver home sales gain as first-timers go shopping
Steve Randall
First-time homebuyers went shopping last month, driving the rise in home sales in Metro Vancouver.

There were 3,043 sales in August, up 22.3% from a year earlier and up 2.8% from July. Year-over-year apartment sales gained 20.1% (1,613 units) and attached homes increased sales by 22.7% (529 units).

The Real Estate Board of Greater Vancouver says that detached sales were up 26% to 901.

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

Prices also gained, with the MLS benchmark up 9.4% year-over-year for all property types to $1,029,700.
For detached homes, the annual rise was a modest 2.2% ($1,615,100) while apartment prices soared 19.4% ($628,600) and attached prices gained 12.8% ($778,300.)

On a monthly basis, the overall price gain was 1% with detached rising 0.2%, apartments up 1.7% and attached homes up 1.9%.

“Conditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets," Oudil said. "Detached homes have entered a balanced market. 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."

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