August Market Review

Housing Market Activity Follows 10-Year August Averages

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,771 on the MLS® in August 2014. This represents a 10.2% increase compared to the 2,514 sales recorded in August 2013, and a 9.5% decline compared to the 3,061 sales in July 2014 

“Activity this summer has been strong but not unusual for our region,” REBGV president said. “The volume of home sales has been higher than we’ve seen in the last three years, yet below the record-breaking levels of the past decade.”

.Last month’s sales were 4.3% above the 10-year sales average for August of 2,658. “Broadly speaking, home prices in the region are continuing to experience modest, incremental gains,” REBGV president said. 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,940 in August. This represents a 5.9% decline compared to the 4,186 new listings in August 2013 and a 20% decline from the 4,925 new listings in July. Last month’s new listing total was 8.4% below the region’s 10-year listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,768, a 7.9% decline compared to August 2013 and a 5.4% decrease compared to July 2014. 

Sales of detached properties in August 2014 reached 1,158, an increase of 10.1% from the 1,052 detached sales recorded in August 2013, and an 85.6% increase from the 624 units sold in August 2012.

Sales of apartment properties reached 1,126 in August 2014, an increase of 10.6% compared to the 1,018 sales in August 2013, and a 55.3% increase compared to the 725 sales in August 2012 

Attached property sales in August 2014 totalled 487, a 9.7% increase compared to the 444 sales in August 2013, and a 62.3% increase over the 300 attached properties sold in August 2012.