{"id":7383,"date":"2017-11-03T10:10:23","date_gmt":"2017-11-03T17:10:23","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7383"},"modified":"2017-11-02T12:02:29","modified_gmt":"2017-11-02T19:02:29","slug":"metro-vancouver-home-prices-rise-on-strong-october-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/11\/metro-vancouver-home-prices-rise-on-strong-october-sales\/","title":{"rendered":"Metro Vancouver Home Prices Rise on Strong October Sales"},"content":{"rendered":"<p style=\"text-align: justify;\">Home prices in Metro Vancouver continued their upward trajectory in October while sales exceeded historical levels, the Greater Vancouver Real Estate Board (REBGV) announced November 2.<\/p>\n<p style=\"text-align: justify;\">Price gains in the past month were strongest for condominiums and townhomes, while single-family detached homes actually slipped in value.<\/p>\n<p style=\"text-align: justify;\">Overall, the benchmark price for homes in Metro Vancouver is $1,042,300, which is 0.5% more than last month and12.4% more than in October, 2016.<\/p>\n<p style=\"text-align: justify;\">Condominiums were the hottest real estate class for year-over-year price gains, with a 22.7% rise to a benchmark price of $642,000. Those homes were up in price by 1%, compared with September.<\/p>\n<p style=\"text-align: justify;\">Townhomes increased in value 17.7%, during the past year, to a benchmark price of $802,400. Those homes were up 2% compared with September.<\/p>\n<p style=\"text-align: justify;\">The lagging real estate class for price increases was the detached home, which, at $1,609,600, is the priciest. Those homes only increased in value by 4% year over year, according to the REBGV, and detached homes actually fell in value, by 0.5%, compared with September.<\/p>\n<p style=\"text-align: justify;\">\u201cConditions continue to vary significantly based on property type,\u201d said REBGV president Jill Oudil.<\/p>\n<p style=\"text-align: justify;\">\u201cThe detached home market is well supplied with homes for sale, which is relieving pressure on prices. It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices.\u201d<\/p>\n<p style=\"text-align: justify;\">Home sales in the region exceeded typical historical levels in October with the majority concentrated in the townhouse and apartment markets.<\/p>\n<p style=\"text-align: justify;\">Home sales across Metro Vancouver totalled 3,022 in October 2017. That is a 35.3% increase from the 2,233 sales recorded in October 2016, and an increase of 7.1% compared to September 2017, when 2,821 homes changed hands.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/11\/metro-vancouver-home-prices-rise-strong-october-sa\/\" target=\"_blank\" rel=\"noopener\">Metro Vancouver Home Prices Rise on Strong October Sales<\/a> by Glen Korstrom | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home prices in Metro Vancouver continued their upward trajectory in October while sales exceeded historical levels, the Greater Vancouver Real Estate Board (REBGV) announced November 2. Price gains in the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/11\/metro-vancouver-home-prices-rise-on-strong-october-sales\/\">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-7383","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>Metro Vancouver Home Prices Rise on Strong October Sales &#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\/11\/metro-vancouver-home-prices-rise-on-strong-october-sales\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Home Prices Rise on Strong October Sales &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Home prices in Metro Vancouver continued their upward trajectory in October while sales exceeded historical levels, the Greater Vancouver Real Estate Board (REBGV) announced November 2. 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