Vancouver Real Estate Market back on Track? Market Reach Balanced Territory

Vancouver Real Estate Market back on Track? Market Reach Balanced Territory

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

Area Benchmark Price
Burnaby North $1,345,000
Burnaby South $1,458,500
Burnaby East $1,160,500
Vancouver East $1,358,700
Vancouver West $2,894,400
Richmond $1,476,800
Coquitlam $1,157,100
Whistler $1,644,800
New Westminister $1,025,800

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.