August housing sales jump 15.7 percent year-over-year in Real Estate Board of Greater Vancouver

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      Home prices still remain much lower than they were a year ago in the Lower Mainland.

      The MLS home price index showed an 8.3 percent decline in August compared to the same month a year ago, according to the Real Estate Board of Greater Vancouver.

      However, the number of sales last month increased by 15.7 percent over August 2018.

      "Home sales returned to more historically normal levels in July and August, compared to what we saw in the first six months of the year," REBGV president Ashley Smith said in a news release.

      It's not clear how many of those new sales were linked to turmoil and political uncertainty in Hong Kong, which is home to 300,000 Canadians.

      There's also been good economic news in this country. On an annualized rate, Canada's real gross domestic product rose by 3.7 percent in the second quarter.

      The August 2019 sales number was still 9.2 percent below the 10-year average for that month in the Real Estate Board of Greater Vancouver.

      Its territory includes Whistler, Squamish, and the Sunshine Coast, but does not cover White Rock, North Delta, Surrey, and Langley, which are part of the Fraser Valley Real Estate Board.

      The benchmark price for detached homes was $1.41 million last month in the Real Estate Board of Greater Vancouver, down 7.4 percent from a year ago.

      The benchmark price of $654,000 for an attached unit was off 7.8 percent over a year.

      Apartments' benchmark price was $771,000 last month—a drop of 7.4 percent over 12 months.