BRITISH COLUMBIA

Vancouver Real Estate Market Booms Over Summer

09/04/2013 06:31 EDT | Updated 09/05/2013 10:57 EDT
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Greater Vancouver property sales jumped by a whopping 52.5 per cent in August compared to the same period last year, according to the region's Real Estate Board.

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

The Multiple Listing Service (MLS) showed 2,514 residential sales last month, putting the period 4.6 per cent below the 10-year average for August.

But Wyant cautioned against assuming the increased sales activity means a concomitant rise in prices.

“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,” she said.

In fact, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver shows that the average price ($601,500) may be 2.3 per cent higher since the beginning of the year, but is still 1.3 per cent lower than it was in August 2012.

CORRECTION: An earlier version of this article incorrectly stated the percentage increase in Vancouver home sales. The Huffington Post Canada regrets the error.

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