Home sales and listings surged in September, according to the latest numbers from the Real Estate Board of Greater Vancouver.
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.
Real Estate Board Chair Colette Gerber attributes the increased activity to lower interest rates and changing housing needs during the COVID-19 pandemic.
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“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