Vancouver Home Prices up 13.7% as Sellers’ Market Persists
October 05, 2015
Sellers’ market conditions are showing no sign of abating in Metro Vancouver real estate, with demand continuing to far outstrip supply, according to Real Estate Board of Greater Vancouver (REBGV) figures released October 5.
Home sales were up 14.5 per cent annually in September and prices up 13.7 per cent compared with September 2014. However, both these annual growth rates have slowed compared with recent months.
Despite this, last month’s sales were 32.9 per cent above the 10-year average for the month.
Darcy McLeod, REBGV president, said, “Residential home sales have been trending at 25 to 30 per cent above the 10-year sales average for most of the year.”
Broken down by housing type, detached home sales saw the most surprising results, with the limited available listings dampening transaction volumes. There were 1,272 single-family home sales in September, an increase of just 0.2 per cent – or two homes – compared with the 1,270 sales in September 2014.
It was a different story in condo-apartment sales, which once again saw the biggest annual rise, the 1,529 units sold a 28.7 per cent rise over the 1,188 in September 2014. This is a testament to the much greater increase in supply of these properties, compared with detached homes, and a shift in urban living trends.
If you have been considering listing your home for sale, now is a great time as we are in a competitive market where homes are selling at a brisk pace. Contact me directly for a free home evaluation or further real estate stats for your area!