Vancouver housing market far hotter than normal in August

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      People continue snapping up homes in the Lower Mainland even with today's higher prices.

      In August, the benchmark price for a single-family detached home reached $2.7 million on the West Side, according to the Real Estate Board of Greater Vancouver. 

      The benchmark price was $1.14 million for a single-family home on the East Side.

      Meanwhile, the benchmark price for an apartment in the region is $405,400, up 6.3 percent from a year ago.

      It's $331,400 on Vancouver's East Side and $542,200 on the city's West Side.

      The Real Estate Board of Greater Vancouver has reported that there were 2,771 multiple-listing-service sales in August.

      That was 27.9 percent higher than the 10-year average for the month.

      Sales volume was 21.3 percent above the figure for August 2014.

      There were 32.7 percent more apartment sales over the same month of last year and 46.8 percent more apartment sales than in August 2013.

      There were 8.7 percent more new listings last month compared to the same month in the previous year.

      However, the number of total MLS listings in August is 26.2 percent below that of August 2014.

      The Real Estate Board of Greater Vancouver does not include North Delta, Surrey, and Langley, which are in the Fraser Valley Real Estate Board.

      Comments

      2 Comments

      Buyers

      Sep 2, 2015 at 8:49am

      Who are the buyers?

      Bruce

      Sep 2, 2015 at 9:57am

      Hot money fleeing China while it still can.