Homes in Metro Vancouver became more expensive yet again.
The Real Estate Board of Greater Vancouver reports that the benchmark price of all homes rose in August 2020 as sales exceeded historical records for the month.
The board stated in a new report that the price of a typical home in the region increase by 5.3 percent last month compared to August 2019.
August 2020 prices also topped prices in July this year by 0.7 percent.
The composite benchmark price of all homes in Metro Vancouver reached $1,038,700.
On the east side of the city of Vancouver, the price of a typical home rose to $1,109,500, a 1.6 percent increase over July.
On the west side of Vancouver, the price went up to $1,291,100, or an increase of 0.9 percent.
The REBGV also reported that the number of homes sold in the region last month exceeded the 10-year August sales average by 19.9 percent.
Realtors sold 3,047 in August 2020.
This means that nearly 100 homes were purchased each day last month.
The number represents a 36.6 percent increase from the 2,231 sales in August 2019.
However, last month’s deals show a 2.6 percent decrease from the 3,128 homes sold in July 2020.
The REBGV covers Vancouver, Burnaby, Coquitlam, New Westminster, North Vancouver, Port Coquitlam, Port Moody, Richmond, South Delta, Maple Ridge, Pitt Meadows, Squamish, Sunshine Coast, West Vancouver, and Whistler.
In the board’s report Wednesday (September 2), REBGV chair Colette Gerber stated that low interest rates and limited supply of homes for sale are “creating competition in today’s housing market”.
Gerber shied away from speculating about prospects in the coming months in light of the pandemic.
“Like everything else in our lives these days, the uncertainty COVID-19 presents makes it challenging to predict what will happen this fall,” Gerber said.