A seller’s market persists as home sales and prices continue to rise in Metro Vancouver, according to the Real Estate Board of Greater Vancouver.
The benchmark home price reached $700,500 for all home types in July, representing a year-over-year increase of 11.2%. Detached home prices saw the biggest jump, increasing 16.2% to $1,141,800. The benchmark price for attached units jumped 7.8%, reaching $511,500, and the cost of apartment properties grew 5.9% to $400,900.
“Today’s activity continues to benefit sellers as home buyers compete for the homes available for sale,” said REBGV president Darcy McLeod.
July saw 3,978 units sold across the region. This is 33.5% higher than the 10-year average for the month and an increase of 30% compared with July 2014. Apartment sales were the biggest factor, with 1,729 units changing hands – up 42.7% compared with last year. Total detached home sales reached 1,559, which is a jump of 17.9% year-over-year. A total of 690 attached homes were sold – up 30.9% compared with July 2014.
"Much of today’s activity can be traced to strong consumer confidence, low interest rates, and a reduced supply of homes for sale.” McLeod said. “We have about 5,000 to 6,000 fewer homes for sale today than we've seen at this time of year over the last five to six years.”
