You must have Adobe Flash installed


Blog by Kevin Wong

<< back to article list

  • +1
Lower Mainland Real Estate Rebound Rolls Through August

The Lower Mainland’s summer jump in property sales continued through August with activity levels at higher levels than a year ago in both of the region’s main real estate board areas.

In Metro Vancouver, the Real Estate Board of Greater Vancouver saw 2,514 home sales cleared through the Multiple Listing Service during the month, which was a 52-per-cent increase from 2012’s low point and just off the region’s 10-year average, the Real Estate Board of Greater Vancouver reported Wednesday.

Prices also showed stability with the benchmark price, the average for typical homes sold across all property types, hit $601,500 in August, which was 1.6 per cent below the same month a year ago, but up 2.3 per cent from the beginning of the year.

“The market today is much stronger than we saw last year and is consistent with our long-term averages for this time of year,” board president Sandra Wyant said in a news release.

The overall inventory of homes hit 16,027 in August, down 8.8 per cent from the level in August 2012 even though there was an uptick of new listings during the month. August’s sales-to-active-listings ratio of 15.7 per cent

In the Fraser Valley, the picture is a little less bright. The 1,258 MLS sales recorded in August represented a 17 per cent increase from the same month a year ago, but still 13-per-cent off the region’s 10 year average for August sales. Fraser Valley Real Estate Board president Ron Todson characterized it as “continued, modest improvement.”

Prices, Todson added, “generally remain unchanged or down slightly” from August, 2012 levels. The benchmark price, which is an average for typical homes sold, across all property types was $478,376, down one per cent from the same month a year ago.

The Fraser Valley’s inventory of home listings stood at 10,127 in August, down two per cent from a year ago and about an eight-month supply at current sales levels, Todson said, “indicating a balanced market, which is also being reflected in the stability of home prices.”

“In the last month in the Fraser Valley, we’ve seen an increase in sellers willing to accept an offer subject to another sale, we’re seeing fewer deals collapse and we’re seeing more move-up buyers, either improving on the size or quality of their existing home,” Todson said. “These are all indicators of a return to a more typical, stable market.”

More from the Real Estate Board of Greater Vancouver results

Sales of single-family homes were 1,052 in August, up 69 per cent from the same month a year ago and the benchmark price was $923,700, down two per cent from August 2012.

Sales of condo properties were 1,018 in August, up 40 per cent from the same month a year ago and the benchmark price was $366,100, down one per cent from August 2012.

Sales of townhouse properties were 444 in August, up 48 per cent compared with the same month a year ago and the benchmark price was $457,000, down one per cent from August 2012.

More from the Fraser Valley Real Estate Board results

Sales of single-family homes were 630 in August, up 21 per cent from the same month a hear ago and the benchmark price was $551,000, almost unchanged from August 2012.

Sales of condo properties were 42 in August, up 68 per cent from the same month a year ago and the benchmark price was $203,900, down 1.3 per cent from August of 2012.

Sales of townhouse properties were 220 in August, up 10 per cent from the same month a year ago and the benchmark price was $298,200, down 1.6 per cent from August of 2012.