In November, two months before new federal rules that will make it more difficult for some Canadians to buy property come into place, sales of all home types jumped across Metro Vancouver, according to new data from the Real Estate Board of Greater Vancouver (REBGV), and prices also increased across the board.
A total of 2,795 homes changed hands in November, which is a 26.2% increase compared with the same month last year. The benchmark sales price for all home types was $1,046,900 – a 14% year-over-year jump and an increase of 0.4% compared with October.
“We’re seeing steady demand in today’s market,” said REBGV president Jill Oudil.
“Homebuyer activity is operating above our long-term averages, particularly in our townhome and condominium markets.”
The number of detached home sales reached 841, which is up 31.8% compared with November 2016. The benchmark home price for this property type increased 6.1% over the year, reaching $1,608,000.
A total of 1,508 apartments sold in the month – up 25.7% compared with last year. The benchmark price jumped 23.9% to $648,200.
Townhome sales increased 18.6% to 446 in November. This is up 18.6% year-over-year. The benchmark price increased 17.9% over the year, reaching $805,200.
According to the board, November’s total sales were 17% higher than the 10-year average for the month.
REBGV data includes sales that take place in Vancouver, West Vancouver, North Vancouver, Burnaby, Coquitlam, New Westminster, Richmond, Port Moody, Port Coquitlam, Pitt Meadows, Maple Ridge, South Delta, Whistler, the Sunshine Coast and Squamish. It does not include Surrey or Langley.