According to the latest numbers from betterdwelling.com, Vancouver real estate prices continued to climb in August. Most of this was attributed to greater demand for Vancouver townhouses and condos combines with a declining inventory. “This is the first time since March 2017 that inventory declined while sales increased,” the article pointed out.
Benchmark prices are generally up across Vancouver. The Real Estate Board of Greater Vancouver reported a composite benchmark of $1,029,700 in August—that’s a 10.35% increase from the same time last year. Hovever, It was the shared housing segment that saw the most gains—and that impacted the average.
REBGV recorded 8,807 listings, a 4.2% decline from the month before. However, this still represents a 3.2% increase from the same month last year. Additionally, the implementation of the Foreign Buyer’s Tax caused the market to fluctuate as many buyers expedited purchases to avoid the tax last year.
The conclusion is that the real estate market is still making conservative gains, although this is primarily due to Vancouver townhouses and condos, which are seeing larger gains than detached units.