The last few months have been turbulent for the real estate industry in Vancouver, but as of late, sales have begun to increase. And while detached home sales have remained steady, condos and townhome sales have experienced a significant uptick. Here is some information on the Vancouver real estate industry for the month of October.
A Record-Setting Month
The Real Estate Board of Greater Vancouver (REBGV) has reported that home sales for the month of October have reached new heights, breaking existing sales records. It is believed that the overall economy and the booming job market in the Vancouver area is the main force driving up home sales. In addition, there are many young professionals moving to the city and they are helping to drive up condo and townhome sales, as detached homes may still be too pricey.
Looking at the Numbers
If you break down the numbers, it is clear that there has been a substantial increase in home sales. For instance, according to the REBGV, in the month of October 2017 sales topped off at 3,022 units. While in the same month last year (2016), there were only 2,233 home sales – 35% fewer sales than in 2017. September 2017 was considered a booming month for real estate in Vancouver, but October sales have surpassed September sales by 7.1%.
With the increase in sales, also comes a jump in overall prices. In fact, the average price of a detached home in Vancouver has reached $1.6 million, while the median condo price is roughly $640,000, as mentioned by the REBGV. However, these are not the only areas which have seen a rise in prices. Further pushing prices higher are townhomes, which have stabilized at around $800,000. If these numbers are an indicator of things to come, then perhaps sales in the month of November will push prices even higher.
The Numbers Tell All
Just when the Vancouver housing boom seemed to be tapering off, a bump in sales has reenergized the market. September proved to be a great month for real estate sales in Vancouver, but October has far surpassed September’s numbers, setting new records. As it has been shown, home sales jumped more than 35% in October 2017, as compared to October of the previous year. This boost in sales has helped to further increase the value of detached homes, condos, and townhomes. There is no telling what the month of November will bring, but there is reason to believe that sales will continue to reach new highs.