Home sales continued to rebound in August: REBGV

Photo: Rob Kruyt

The number of homes sold across Metro Vancouver increased 36.6% year-over-year in August, according to new numbers from the Real Estate Board of Greater Vancouver (REBGV).

A total of 3,047 homes were sold across the region in the month, compared with 2,231 in the same month last year. The number is down 2.6% compared with July 2020, in which 3,128 homes changed hands. 

The average sales price was $1,038,700, which is up 0.7% year-over-year.

“People who put their home buying and selling plans on hold in the spring have been returning to the market throughout the summer,” said REBGV chair Colette Gerber. 

“Like everything else in our lives these days, the uncertainty COVID-19 presents makes it challenging to predict what will happen this fall.”

A total of 1,095 detached homes sold in August. This is an increase of 55.1% year-over-year. The average home of this type sold for $1,491,300, which is up 6.6% compared with August 2019.

The average sale price for apartments was $685,800, which is an increase of 4.5% year-over-year. A total of 1,322 homes of this type were sold, which is up 19.4% compared with last year.

Attached homes, on average, sold for $806,400, which is an increase of 4.4% year-over-year. The number of unit sales reached 620, up 51.6% compared with August 2019.

REBGV data includes sales and prices for Vancouver, West Vancouver, North Vancouver, Burnaby, New Westminster, Coquitlam, Port Coquitlam, Richmond, Port Moody, the Sunshine Coast, Whistler, Squamish, Pitt Meadows, Maple Ridge and South Delta. It does not include Langley or Surrey.