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The Greater Vancouver property market continued its steady climb in August, as home sales increased 10 per cent and prices rose 5 per cent year over year, according to the latest Real Estate Board of Greater Vancouver (REBGV) figures released September 3.

REBGV president Ray Harris said, “The volume of home sales has been higher than we’ve seen in the last three years, yet below the record-breaking levels of the past decade.”

Sales and Listings

Since July of 2013, Greater Vancouver MLS® home sales have closely tracked the 10-year average. In August the region’s 2,771 sales beat the average by 4.3 per cent.

 

Of the properties for sale, 1,051 were detached houses, 444 were attached (townhouses or duplexes) and 1,018 were apartments.

 

What’s Up, What’s Down — At a Glance
 Aug / July2014 Aug 2014 / Aug 2013
Overall Sales -9.5% +10.2%
- Detached -12.7% +10.1%
- Townhome -7.6% +9.7%
- Apartment -7.1% +10.6%
New Listings -20% -5.9%
Current Listings -5.4% -7.9%
 

New listings dropped for the fourth month in a row — they went down 20 per cent from 4,925 in July to 3,940 in August. They currently stand at 8.4 per cent below the 10-year average for August new listings.

 

With consistently low new inventory, the sales-to-listings ratio remains near the 20 per cent threshold that would put Greater Vancouver into a seller’s market. August’s sales-to-listings ratio was 18.7 per cent, down from 19.6 per cent in July, which qualifies as being at the high end of a balanced market.

Benchmark Price (MLS® Home Price Index)

The composite benchmark price for the REBGV region now stands at $631,600. It’s a number that really doesn’t tell you anything except that home prices are generally rising for all housing types in all areas. It’s up 19.5 per cent over five years, and 5.0 per cent over one year.

 

The MLS benchmark price is a calculation of the value of a typical home of its type for the neighbourhood. Because it’s tied to housing type and area, it varies widely for the Greater Vancouver region. A good idea of home prices in a specific location is contained in the detailed MLS Home Price Index that the REBGV publishes.

 

August composite benchmark prices by housing type are as follows:

 

Greater Vancouver MLS® Benchmark Prices % Change
 August 2014July 2014August 2013
Detached $984,300 +0.4% +6.6%
Townhome $474,900 +0.5% +3.9%
Apartment $379,200 +0.7% +3.6%
 
Source: REW.ca

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