VANCOUVER – Residential home sales in Greater Vancouver jumped by about 26 per cent in November compared with the same month a year ago.
The Real Estate Board of Greater Vancouver says the number of sales, which saw 2,795 homes sold, is 17 per cent above the 10-year average for the region in November.
Source: Real Estate Board of Greater Vancouver
Sales dropped by 7.5 per cent in November compared with October, when just over 3,000 homes sold.
Board president Jill Oudil says there is a steady demand in the market, with the townhome and condominium markets being particularly strong.
This graph shows how condominium prices have increased nearly 50 per cent in Metro Vancouver since increased demand caused the inventory of condominiums for sale to fall in May 2015. Source: Real Estate Board of Greater Vancouver
The benchmark price for detached properties was about $1.6 million, about a six per cent increase from November 2016.
Oudil says there are more listings entering the market this year compared with the same time last year, but inventories are still below typical levels.