It's been a scorching summer for real estate in Greater Vancouver, with MLS® home sales between 25 and 30 per cent above the 10-year average from June to August, according to Real Estate Board of Greater Vancouver (REBGV) figures released September 2.
Resale transactions were up 21.3 per cent annually in August and prices up 12 per cent compared with August 2014.
However, this was the second consecutive monthly drop following June's huge figures, with sales down 15.5 per cent since July, revealing some seasonal decline.
Nevertheless, last month's sales were 27.9 per cent above the 10-year sales average for the month.
Darcy McLeod, REBGV president, said, 'There was no summer lull in our market this year.'
Resale home prices continued to beat previous records, with the benchmark price of a Greater Vancouver home now at $708,500. This is a 12 per cent increase compared with July 2014.
Greater Vancouver home sales rose 21.3 per cent to 3,362 units in August, compared with the 2,771 sales of August 2015. This is a drop of 9.1 per cent compared with the 3,978 sales in July 2015.
Broken down by housing type, detached home sales reached 1,290 units in August, an increase of 11.4 per cent from the 1,158 detached sales recorded in August 2014.
Condo-apartment sales once again saw the biggest annual rise, reaching 1,494 in August 2015, a rise of 32.7 per cent compared with the 1,126 sales in August 2014, reflecting the growth in this market segment.
Sales of townhouses and other attached properties totalled 578 in August, an increase of 18.7 per cent compared with the 487 sales in August 2014.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,281 in August. This represents an 8.7 per cent increase compared to the 3,940 new listings in August 2014 but a 16 per cent drop compared with the 5,112 new listings in July.
Total listings remained extremely tight, with the number of properties listed on the MLS® at the end of August standing at 10,897, a 26.2 per cent decrease compared with August 2014 and a 5.3 per cent decline compared with July 2015.
'Home buyers ' are motivated, but they're competing for a smaller supply of homes for sale than is typical for this time of year '" that's the dynamic driving our market right now,' said McLeod.
The sales-to-active-listings ratio in August 2015 was 30.9 per cent. The board said that this is the sixth consecutive month that this ratio has been above 30 per cent in Metro Vancouver, meaning that the sellers' market conditions are persisting.
'Those who have a sound buying strategy and an understanding of current price trends are having the most success in today's market,' McLeod added.
The benchmark price for combined MLS® residential property types in Metro Vancouver continued to set its monthly new record, now standing at $708,500. This represents a 12 per cent increase compared with August 2014.
The benchmark price for a detached property in Metro Vancouver increased 17.5 per cent from August 2014 to $1,159,600, the highest price growth rate of all the property types.
Townhome and other attached unit prices increased 7.3 per cent between August 2014 and 2015 to $511,500, which was no increase over July's figure.
The benchmark price of a condominium-apartment property continued to increase at the slowest rate, albeit an increasing one, rising 6.3 per cent compared with August 2014 to $405,400.
The composite benchmark prices by housing type are:
Home prices vary widely throughout the REBGV region. To get a good idea of home prices in a specific location, check the detailed MLS® Home Price Index in the REBGV full statistics package.