Housing sales were up in August, according to the latest numbers from the Real Estate Board of Greater Vancouver.
Sales were up 2.8% from July and 22.3% compared to the same month a year ago.
Board President Jill Oudil says first-time buyers led the surge in summer demand for condos and townhouses, and there was also intense competition and multiple offers for homes between $350,000 and $750,000.
However, in the single-detached market, she says conditions are balanced with less upward pressure on prices, and more selection and time for buyers to make their decisions.
For all types of residential properties, the composite benchmark price in August was $1,029,700, which is up 1% from July and up 9.4% from a year ago.