Home sales last month in Metro Vancouver have broken records, according to the Real Estate Board of Greater Vancouver (REBGV).
The REBGV reports in a media release Thursday (November 2) that transactions driven by condo and townhouse purchases were 15 per cent above the 10-year October sales average.
“The growth in our provincial economy and job market is contributing to today's demand,” association president Jill Oudil said in the release.
According to the realtors’ organization, sales totalled 3,022 units in October 2017.
The number represents a 35.3 percent increase from the 2,233 sales in October 2016.
Last month’s sales were also 7.1 percent higher than the 2,821 sold in September 2017.
The REBGV covers Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, South Delta, West Vancouver, North Vancouver, Sunshine Coast, Squamish, and Whistler.
A total of 940 detached homes were sold last month. A typical detached home in REBGV areas is $1.6 million.
Condo sales reached 1,532, with the benchmark price of an apartment property at $642,000.
Townhouses totalling 550 were bought last month. An attached property has a benchmark price of $802,400.More