A Frenzied Condo Market!

First-time buyers drive market!"

Competition for condominiums and townhomes continued to heat-up pushing Metro Vancouver home sales above typical levels in August.

The Real Estate Board of Greater Vancouver reports that residential property sales in the region increased 22.3 per cent increase from August 2016.

First-time home buyers have led a surge this summer in demand in our condominium and townhome markets, with homes priced between $350,000 and $750,000 having been subject to intense competition & multiple offers across the region. The benchmark price of an apartment property is $626,800, representing a 19% increase from Aug 2016!

Sales of detached properties in August 2017 increased 26% vs. August 2016. The benchmark price for detached properties is $1,615,100, representing a 2.2 per cent increase from August 2016.

The total number of properties currently listed for sale in Metro Vancouver is 8,807, a 3.5 per cent increase compared to August 2016 (8,506) and a 4.2 per cent decrease compared to July 2017.

The new foreign buyers tax seems to have pushed many of these buyers into the pre-sale condo market where speculators can simply assign contracts before completion and profit while avoiding taxes.

Now we wait and see if the new NDP governments plans to ease surging rents & the burden on tenants while clamping down on speculators is going to have any effect on this red hot market...and then there is those rising interest rates!

"FULL MARKET UPDATE"- (REBGV)
Sales/ Listings Statistics and Graphs for all areas.

All information is approximate

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