VANCOUVER — Several months of heated buying activity in Metro Vancouver's real estate markets have pushed benchmark prices to within a small margin of their peak values, the region's real estate board reported Wednesday.
Metro realtors recorded some 3,083 sales through the Multiple Listing Service in November making it the third busiest November ever with the benchmark price, the average for typical properties sold, hitting $557,384 across all property types.
That represents a 12.4-per-cent increase from the same month a year ago and puts the benchmark price within 1.9 per cent of their peak values achieved in May of 2008.
By contrast, the Metro Vancouver communities covered by the Real Estate Board of Greater Vancouver saw just 874 sales.
“This unseasonably high level of demand can be attributed in large part to low interest rates,” board president Scott Russell said in a news release.
“We are experiencing a brisker than normal market for this time of year,” Russell added, “although we have begun to see a reduction in the number of homes listed for sale, which is normal as we head into the holiday season.
The board's total inventory sat at 11,309 unsold homes in November, which was an 8.6-per-cent decrease from October, and 39 per cent fewer than in the same month a year ago.