Metro Vancouver home sales broke records last month, according to new data from the Real Estate Board of Greater Vancouver (REBGV).
There were 3,047 residential home sales in the region in September, a 56.2% increase from the 2,333 sales posted during the same month in 2019, and a 19.6% rise from the 3,047 sales recorded in August of this year.
September’s sales were 44.8% above the 10-year average for the month and marked the highest number on record for September, the REBGV said.
“We’ve seen robust home sale and listing activity across Metro Vancouver throughout the summer months," said REBGV chair Colette Gerber in a release. "This increased activity can be attributed, in part, to lower interest rates and changing housing needs during the COVID-19 pandemic.”
The number of new listings also surged during September, with 6,402 detached, attached and apartment properties going up for sale on the Multiple Listing Service (MLS) – a 31.6% increase from the 4,866 properties listed during September 2019. The September figure represented a 19.6% increase from the 3,047 homes listed in August.
“While the pace of new MLS listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down,” Gerber said. “This is creating upward pressure on home prices, which have been edging up since the spring.”
By property type, the ratio is 28.3% for detached homes, 36.1% for townhomes, and 24.8% for apartments.
According to the MLS Home Price Index, the composite benchmark price for residential properties in the region has reached $1,041,300 – a 5.8% increase over September 2019, and a 0.3% increase compared with the previous month.
Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.