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Vancouver real estate: Home prices rose in August amid recovery from COVID-19

PDT Vancouver It’s no secret that real estate is valuable in Vancouver, but new data shows just how much owning land can work for you. (CTV)

VANCOUVER — Metro Vancouver home sales hit 3,047 in August at a benchmark price of $1.04 million, as the housing market continued its recovery from the COVID-19 pandemic. The number of homes sold last month was nearly 20 percent higher than the 10-year average for August, although there was a slight decrease from the 3,128 homes sold in July, The Real Estate Board of Greater Vancouver said on Wednesday. The benchmark price in August was 5.3 percent higher than August 2019 and 0.7 percent higher than July for the Vancouver area, said the board, which covers Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler. For Sale – special promo More real estate headlines, photo galleries and video Related Stories Greater Victoria real estate market remains hot during pandemic Calls for further tax deferrals, payment forgiveness as deadline approaches for B.C. businesses ‘This is a wild ad’: Craigslist post for B.C. rental full of illegal demands, advocates say Tenants union warns of ‘eviction crisis’ and mental health impacts as pandemic relief near expiry Board chairwoman Colette Gerber said the higher-than-average sales were driven by people who put their plans on hold in the spring, when home viewings were locked down to slow the spread of COVID-19. “Low-interest rates and limited overall supply of homes for sale are creating competition in today’s housing market,” Gerber added in a statement. While the number of homes listed for sale increased to 12,803 in August from 12,083 in July, the housing supply is still below the 13,396 homes that were on the market this time last year. The ratio of sales to active listings – closely watched in the real estate market – hit 23.8 percent. If the ratio stays above 20 percent for several months, it can put “upward pressure” on home prices, the board said. The board said that although apartments represented 1,332 of the homes sold last month, both detached and attached homes saw sales spike more than 50 percent in August, compared with the same month last year. “Like everything else in our lives these days, the uncertainty COVID-19 presents makes it challenging to predict what will happen this fall,” Gerber said.

Reference: CTV News The Canadian Press Staff Contact

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