Home sales in the metro Vancouver housing market continue to outpace long-term averages for this time of the year

Price_Chart

The Real Estate Board of Greater Vancouver (REBGV) reports that in October there was a 14.9% increase in sales activity compared to October 2013 and a 4.6% increase over sales in September 2013. Last months sales were 16.6% above the 10 year sales average for October.

Detached homes continue to increase in price more than condos and townhouses. This is largely a function of supply and demand, as the supply of condos and townhouses are more abundant than detached homes in our region. That being said, sales of detached properties in October 2014 reached 1,271, an increase of 19.1% from the 1,067 detached sales in October 2013, and a 60.9% increase from the 790 units sold in October 2012.

Apartment property sales reached 1,268 in October, compared to 1,098 sales in October 2013, which is a 15.5% increase and a 57.9% increase compared to the 803 sales in October 2012.

Sales of attached properties in October 2014 saw a small increase of 4.4%, from 518 in October 2014 compared to the 496 sales in October 2013 and an increase of 53.3% over the sales in October 2012. The bench mark price for

Historically prices in Vancouver have increased gradually over last 36 years, seeing only very slight declines, only to be counteracted by a sharp rebound. (See graph above for sale stats from 1977 – 2013).

(Source: REBGV – 04/11/14)

 

 

 

 

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *