Summer 2015 is has been one of the hottest and driest on record in Metro Vancouver, and it appears this heat is carrying through to the real estate market as well.
The region’s home sales between June and August were 25-30% higher than the 10-year average, the Real Estate Board of Greater Vancouver (REBGV) announced September 2.
In August alone, Metro Vancouver saw 3,362 residential property sales, which is 21.3% higher than the 2,771 sales in August 2014 and 27.9% above the 10-year average for August.
“There was no summer lull in our market this year, said REBGV president Darcy McLeod.
“[Buyers] are 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 composite price index for all homes in Metro Vancouver is $708,500, up 12% compared with August 2014.
Detached property sales grew 11.4% over the past year, reaching 1,290 units in August 2015. This is 22.6% higher than the 1,052 units sold in August 2013. The benchmark price grew 17.5% over the past year, reaching $1,159,600.
Apartment sales increased 32.7% year-over-year, with a total 1,494 units changing hands in August. This represents an increase of 46.8% compared with two years ago. The benchmark price increased 6.3% year-over-year to $405,400.
A total of 578 attached property units sold in August, up 18.7% compared with August 2014 and 30.2% compared with August 2013. The benchmark price grew 7.3% to $511,500.
REBGV data includes sales in Vancouver, North Vancouver, West Vancouver, Burnaby, Coquitlam, New Westminster, Richmond, Port Moody, Port Coquitlam, Pitt Meadows, Maple Ridge, South Delta, Whistler, Squamish and the Sunshine Coast. It does not include Surrey or Langley.
