Vancouver home prices rose in August amid above-average sales rate

Vancouver home prices rose in August amid above-average sales rate
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VANCOUVER — Metro Vancouver home sales hit 3,047 in August at a benchmark price of $1.04 million, as the housing market continued its recovery from the COVID-19 pandemic.

The Real Estate Board of Greater Vancouver says the number of homes sold last month was nearly 20 per cent higher than the 10-year average for August, although there was a slight decrease from the 3,128 homes sold in July.

The benchmark price in August was 5.3 per cent higher than August 2019 and 0.7 per cent higher than July.

Board chairwoman Colette Gerber says the higher-than-average sales were driven by people who put their plans on hold in the spring, when home viewings were locked down to slow the spread of COVID-19.

The board says both detached and attached homes saw sales spike more than 50 per cent in August, compared with the same month last year.

This report by The Canadian Press was first published Sept. 2, 2020.

The Canadian Press


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