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Vancouver becoming a buyers' market: Real Estate Board

VANCOUVER (NEWS1130) – Vancouver-area home sales and prices increased in August from a year ago, but a real estate agents’ group says the market “has been trending toward a buyers’ market over the past three months.”

That’s the word from the president of the Real Estate Board of Greater Vancouver, Rosario Setticasi.

Sales were up eight per cent from a year ago, but were below the 10-year average. New listings rose to the highest August level in 16 years.

The adjusted average price for all homes that sold last month was up 8.5 per cent to $626,000. Detached houses — a market skewed by wealthy buyers from China — saw a 14.2 per cent sales increase and an adjusted price gain of 11.7 per cent to $888,000. But the actual, unadjusted selling price of a house was up 17 per cent to nearly $1.2 million.

Sales of apartment-style condos rose 2.1 per cent as prices climbed 5.6 per cent to an adjusted average price of $407,000.