{"id":6889,"date":"2017-09-05T07:52:04","date_gmt":"2017-09-05T14:52:04","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6889"},"modified":"2017-09-05T07:52:04","modified_gmt":"2017-09-05T14:52:04","slug":"condominium-sales-drive-august-activity","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/09\/condominium-sales-drive-august-activity\/","title":{"rendered":"Condominium Sales Drive August Activity"},"content":{"rendered":"<p style=\"text-align: justify;\">Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,043 in August 2017, a 22.3% increase from the 2,489 sales recorded in August 2016, and a 2.8% increase compared to July 2017 when 2,960 homes sold.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales were 19.6% above the 10-year August sales average.<\/p>\n<p style=\"text-align: justify;\">\u201cFirst-time home buyers have led a surge this summer in demand in our condominium and townhome markets,\u201d Jill Oudil, REBGV president said. \u201cHomes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.\u201d<\/p>\n<p style=\"text-align: justify;\">There were 4,245 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in August 2017. This represents a 1.1% decrease compared to the 4,293 homes listed in August 2016 and a 19.2% decrease compared to July 2017 when 5,256 homes were listed.<\/p>\n<p style=\"text-align: justify;\">The total number of properties currently listed for sale on the MLS\u00ae system in Metro Vancouver is 8,807, a 3.5% increase compared to August 2016 (8,506) and a 4.2% decrease compared to July 2017 (9,194).<\/p>\n<p style=\"text-align: justify;\">For all property types, the sales-to-active listings ratio for August 2017 is 34.6%. By property type, the ratio is 16.3% for detached homes, 44.8% for townhomes, and 76.3% for condominiums.<\/p>\n<p style=\"text-align: justify;\">Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.<\/p>\n<p style=\"text-align: justify;\">\u201cConditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets,\u201d Oudil said. \u201cDetached homes have entered a balanced market. This means there\u2019s less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions.\u201d<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,029,700. This represents a 9.4% increase over August 2016 and a 1% increase compared to July 2017.<\/p>\n<p style=\"text-align: justify;\">Sales of detached properties in August 2017 reached 901, a 26% increase from the 715 detached sales recorded in August 2016. The benchmark price for detached properties is $1,615,100. This represents a 2.2% increase from August 2016 and a 0.2% increase compared to July 2017.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment properties reached 1,613 in August 2017, a 20.1% increase compared to the 1,343 sales in August 2016. The benchmark price of an apartment property is $626,800. This represents a 19.4% increase from August 2016 and a 1.7% increase compared to July 2017.<\/p>\n<p style=\"text-align: justify;\">Attached property sales in August 2017 totalled 529, a 22.7% increase compared to the 431 sales in August 2016. The benchmark price of an attached unit is $778,300. This represents a 12.8% increase from August 2016 and a 1.9% increase compared to July 2017.<\/p>\n<p><a href=\"http:\/\/www.rebgv.org\/sites\/default\/files\/REBGV-Stats-Package-August-2017.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the full stats package.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/09\/condominium-sales-drive-august-activity\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-6889","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Condominium Sales Drive August Activity &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/09\/condominium-sales-drive-august-activity\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Condominium Sales Drive August Activity &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August. 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