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Greater Vancouver Home Sales Set for Best Summer Performance


Under Market Updates

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August 27th, 2020

The Vancouver region is on track for another barn-burning month after setting a strong pace in July.

By roughly August’s midway point, 1,304 homes had changed hands in Greater Vancouver. That’s up nearly 12 percent from the same period in 2019 and over 19 percent from 2018, according to data published this week by Dexter Realty Managing Broker Kevin Skipworth.

The total for August 2020’s first half is also comparable to activity seen during the same period in July, when 1,404 homes had sold by this point. In an analysis published alongside the data, Skipworth said that July’s first half had 10 days of reported sales, compared to just nine in August.

The broker said in an email that sales may edge down from the high achieved through July and early August as people use the final stretch of summer to take vacation.

But even with a slight slowdown, Skipworth said August 2020’s sales performance will certainly be better than the previous two years.

New listings brought to market by mid-August, at 2,758, were higher than the same periods in the past two years, but 11 percent lower than the same point in July. There were 13,227 active listings on the market for the Vancouver region as of August 14, higher than mid-July but still over a thousand fewer than the same time a year ago.

“The market still suffers from a lack of homes available for sale keeping many areas and product types in seller’s market conditions,” Skipworth said.

“We continue to see increased activity above $5 million in Vancouver with there being multiple offers on a $10-million-plus property on Vancouver’s west side in recent weeks. With interest rates remaining low and buyer sentiment positive, activity in the market will continue to be strong,” Skipworth continued.

Vancouver Home Sales Set for Best August Performance Since 2017 by Sean MacKay | Livabl

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