2014 Summer Recap

(September 04, 2014)

  • Residential property sales in Greater Vancouver represent a 10.2% increase compared to sales recorded in August 2013, and a 9.5% decline compared to sales in July 2014.
  • It is not unusual to see such strong activity over the summer. 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.
  • The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is currently $631,600. This represents a 5% increase compared to August 2013.
  • Home prices in the region are continuing to experience modest and incremental gains.
  • New listings for detached, attached and apartment properties in Metro Vancouver represent a 5.9% decline compared to new listings in August 2013 and a 20% decline from new listings in July. Last month’s new listing total was 8.4% below the region’s 10-year new 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 had an increase of 10.1% from the detached sales recorded in August 2013, and an 85.6% increase from units sold in August 2012. The benchmark price for detached properties increased 6.6% from August 2013 to $984,300.
  • Sales of apartment properties in August 2014 have had an increase of 10.6% compared to sales in August 2013, and a 55.3% increase compared to in August 2012. The benchmark price of an apartment property increased 3.6% from August 2013 to $379,200.
  • Attached property sales in August 2014 showed a 9.7% increase compared to sales in August 2013, and a 62.3% increase for the attached properties sold in August 2012. The benchmark price of an attached unit increased 3.9% between August 2013 and 2014 to $474,900.