09/05/2017 14:56 EDT | Updated 09/05/2017 14:56 EDT

Vancouver Condo Prices Soar 20% As Detached Home Market Softens

Looks like the slowdown is over already.

kevin miller
A luxury penthouse condo overlooking Coal Harbour in Vancouver. Condo prices in the city have soared nearly 20 per cent in the past year, despite the introduction of a 15-per-cent foreign buyer's tax.

VANCOUVER — Heavy competition for townhomes and condominiums pushed Metro Vancouver home sales up in August.

The Real Estate Board of Greater Vancouver says 3,043 homes sold in August, a 22.3 per cent increase from the same period last year.

Board president Jill Oudil says first-time buyers led the surge with intense competition for homes priced between $350,000 and $750,000 setting off multiple offers across the region.

More about home affordability in Vancouver:

Oudil says real estate conditions for detached homes have entered a balanced market, meaning there is less upward pressure on prices and buyers have more selection.

The composite benchmark price for all residential properties covered by the board is $1,029,700, a 9.4 per cent increase over August 2016.

The benchmark price for an apartment is almost $627,000, a 19.4 per cent increase from the same period last year, the same month the provincial government introduced a 15 per cent foreign buyers tax.

The benchmark price for a detached home is $1,615,100, a 2.2-per-cent increase from a year earlier.

With a file from HuffPost Canada

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