August Home Sales Hit Five-Year High

Greater Vancouver MLS® home sales in August rose 10.3 per cent compared with August 2013, the British Columbia Real Estate Association (BCREA) reported September 12.

There were 2,820 residential units sold compared with 2,557 a year ago – the highest level of residential resales in August since 2009, said the BCREA.

The average price for a residential property rose 2.3 per cent to $802,763 in August 2014, compared with $784,567 a year previously – a slower rate of increase than has recently been seen.

August’s total sales dollar volume increased by 12.8 per cent to $2.26 billion compared with $2.0 billion in August 2013.

Across the province, the number of resales was up seven per cent to 7,341 units. Total sales dollar volume was up12.4 per cent to $4.1 billion.

The average MLS residential price in the province rose to $560,318, up 5 per cent from the same month last year.

Kootenay and the Okanagan were the regions that saw the highest year-over-year sales increase, at 24.2 per cent and 22.3 per cent respectively.

Prices in the Okanagan also increased the most, year over year, rising 11.2 per cent to an average of $421,387.