Vancouver Real Estate Market Back on Track? Market Reach Balanced Territory – 2019.09 Report
Demand Increasing helps the Real Estate Market a lot
Vancouver Real Estate Market Back on Track? Market Reach Balanced Territory: Vancouver Real Estate Board reports on Oct.02.2019 – home buyers demand more in the Greater Vancouver Area over the past three months.
In Sept, there were a total of 2,333 home sales, this record is pretty good compared to 2018’s Sept – only 1,595 sales.
Last month’s sales were 1.7 percent below the 10-year September sales average.
Ashley Smith, REBGV president said. “Homebuyers are more willing to make offers today, particularly in the townhome and apartment markets.”
Benchprice for the Greater Vancouver Area: Single House Detached
Sales of detached homes in September 2019 reached 745, a 46.7 percent increase from the 508 detached sales recorded in September 2018. The benchmark price for a detached home is $1,406,200. This represents an 8.6 percent decrease from September 2018 and is virtually
unchanged compared to August 2019.
Sales of apartment homes reached 1,166 in September 2019, a 43.6 percent increase compared to the 812 sales in September 2018. The benchmark price of an apartment property is $651,500. This represents a 6.5 percent decrease from September 2018 and a 0.4 percent decrease compared to August 2019.
The housing market has been down for more than 18 months, it gradually climbs back to normal.