Home sales and listings surged in September, according to the latest numbers from the Real Estate Board of Greater Vancouver.
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Sales were up 19.6 per cent from August, and more than 56 per cent from September last year, the board said. Listings were up 10 per cent from August.
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Real Estate Board Chair Colette Gerber attributes the increased activity to lower interest rates and changing housing needs during the COVID-19 pandemic.
“While the pace of new MLS listings entering the market is increasing, the heightened demand from home buyers is keeping overall supply levels down,” Gerber said in a release.
“This is creating upward pressure on home prices, which have been edging up since the spring.”
The composite benchmark price for residential properties in Metro Vancouver was just over $1 million, up 0.3 per cent from August and 5.8 per cent from September 2019.
The benchmark price for a detached home in the region was just over $1.5 million in June, up 7.8 per cent year-over-year and 1.1 per cent from August 2020.
The benchmark price of a condo was $680,000 in September, up 4.5 per cent year-over-year, but down 0.3 per cent from August.
— With files from Gord Macdonald and Simon Little
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