Home sales across Metro Vancouver remained above the 10-year average in September, as sales of apartments and townhomes continue to outpace those of detached houses, according to Real Estate Board of Greater Vancouver (REBGV) statistics released October 3.
Sales were 25.2% higher than they were in the same month last year, which was right after the introduction of the foreign-buyer tax. Sales last month were 13.1% higher than the 10-year September average.
A total of 2,821 sales took place in the month – a 25.2% increase, year-over-year. Compared with August, sales decreased 7.3%. The benchmark sales price for all home types in September was $1,037,000 – a 10.9% jump compared with September 2016 and a 0.7% increase compared with August.
Detached home sales increased 27.9% to 852, compared with 666 units in September 2016. The benchmark price increased 2.9% to $1,617,300.
A total of 1,451 apartment properties were sold in the month – a year-over-year increase of 19.1%. The benchmark price increased 21.7% compared with a year ago and 1.4% compared with August, to $635,800.
Townhome sales increased 40.4% over the year to 518 units. This was a 4.8% dip compared with August. Sales prices for this property type increased 14.5% to $786,600.
Jill Oudil, president of the REBGV, said the difference in price growth by property type is related to the fact the detached home market is now “balanced,” but the apartment and townhome markets are still in sellers’ territory. Overall, she said, the lack of growth in detached home prices is keeping the benchmark price lower.
“Detached homes made up 30% of all sales in September and represented 62% of all homes listed for sale on the MLS,” she said.
“This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.”
@EmmaHampelBIV
