Vancouver Sees Record High Home Prices in September

Vancouver Mountain ViewGreater Vancouver’s real estate market showed no signs of cooling in its hottest September yet, as sales increased 17.7 per cent year over year, according to Real Estate Board of Vancouver figures released October 2.

Benchmark sales prices hit record highs at $633,500 for all housing types, and just shy of $1 million for single-family homes across Greater Vancouver.

Ray Harris, REBGV president, said, “September was an active period for our housing market when we compare it against typical activity for the month.”

Sales and Listings

Since July 2013, Greater Vancouver MLS home sales have closely tracked the 10-year average. But in September 2014 the region's 2,922 sales beat the average by 16.1 per cent.

Of the properties for sale, 1,270 were detached houses, 464 were attached (townhouses or duplexes) and 1,188 were apartments.

What’s Up, What’s Down — At a Glance
 Sept/Aug 2014Sept 2014/Sept 2013
Overall Sales +5.4% +17.7%
- Detached +9.7% +24.1%
- Townhome -4.7% +5%
- Apartment +2.6% +16.7%
New Listings +33.5% +4.6%
Current Listings +0.4% -8%

New listings climbed in September as the fall season picked up, after having dropped for four months in a row — they rose 33.5 per cent to 5,259 compared with 3,940 in August. They currently stand at 0.4 per cent below the 10-year average for September new listings.

The sales-to-active listings ratio moved closer to the 20 per cent mark that would put Greater Vancouver into a seller’s market, rising one percentage point compared with August to 19.7 per cent.

Benchmark Price (MLS® Home Price Index)

The composite benchmark price for the REBGV region continue its determined upward trend, now standing at $633,500, up 17.7 per cent over five years, 5.3 per cent over one year and 0.3 per cent compared with August 2014.

The MLS benchmark price is a calculation of the value of a typical home of its type for the neighbourhood. Because it’s tied to housing type and area, it varies widely for the Greater Vancouver region. A good idea of home prices in a specific location is contained in the detailed MLS Home Price Index that the REBGV publishes.

September composite benchmark prices by housing type are as follows:

Greater Vancouver MLS® Benchmark Prices % Change
 August 2014July 2014August 2013
Detached $990,300 +0.6% +7.3%
Townhome $477,700 +0.6% +4.2%
Apartment $378,700 +0.1% +3.1%

Read the full REBGV report here.

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