Home Sales Rise In August Largely On Condo Buying Spree

Industry group says Vancouver-area home sales last month were up 22.3% from a year earlier. First-time buyers’ demand for condos has driven the Vancouver-area market in recent months

VANCOUVER – Condo sales powered home sales gain in August, a year after the foreign-buyer tax on homes in the Vancouver area slammed the brakes on the market.

An industry group says sales of 3,043 last month were up 22.3 per cent from a year earlier when they slumped because of the tax. But even on a month-over-month basis, sales were 2.8 per cent higher and 19.6 per cent above the 10-year average, reported News 1130..

First-time buyers’ demand for condos has driven the market in recent months.

Real Estate Board of Greater Vancouver president Jil Oudil says, “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

The heat in the condo market is highlighed by the sales-to-listings ratio, which is 76.3 per cent compared to 16.3 per cent for single-detached houses.

Prices for apartment-style condos averaged $628,800 last month, an increase of 19.4 per cent from a year earlier and 1.7 per cent compared to July. Adding to the price pressure is a decrease in listings, which fell 4.2 per cent from July to 8,807 for all types of homes.

Comments are closed