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Wednesday, February 21st, 2024

Vancouver home sales jump more than 50%, but prices lag – Ask a Vancouver Mortgage Broker

The country’s most expensive housing market is showing signs of surging sales but Vancouver is still lagging historical norms.

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The Real Estate Board of Greater Vancouver said they were 2,514 sales via the Multiple Listing Service last month, a 52.5% increase from a year ago.

Analysts has been expecting a big number in August but have cautioned that a year ago was a brutal month for housing in most parts of the country.

To put the Vancouver market in context, last month’s major rebound still leaves sales 4.6% below the 10-year average for the month. August sales were also 14.7% below July figures.

“We’ve seen a healthy amount of demand in the marketplace this summer compared to the number of homes listed for sale,” Sandra Wyant, president of REBGV, said in a release. “The market today is much stronger than we saw last year and is consistent with our long-term averages for this time of year.”

New listings for detached, attached and apartment properties in August were also 3.5% from a year ago but down 13.5 from July.

The total number of properties currently listed for sale on the MLS in Greater Vancouver stood at 16,027 last month, an 8.8% decrease from a year ago and a 3.6% decline from July.

“People entering the market should not confuse stronger sales activity with rising prices. Home prices have been quite stable and consistent for much of this year,” said Ms. Wyant.

The board’s Home Price Index composite benchmark price for all residential properties was $601,500, a 1.3% decline from a year ago but a 2.3% jump from the beginning of 2013.

Financial Post


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