The number of residential units sold in Greater Vancouver jumped 10.3% in August compared with the same month a year ago, according to British Columbia Real Estate Association data released September 12.
This growth makes August’s home sales the highest for that month since 2009.
There were 2,820 residential units sold in August in the city compared with 2,557 a year ago. The total dollar volume of all sales also increased, with a 12.8% jump from $2.0 billion in August 2013 to $2.26 billion.
Across B.C., sales were up 7% to 7,341 units. Total dollar volume jumped 12.4% to $4.11 billion.
“Consumer demand remained relatively robust in August,” said BCREA chief economist Cameron Muir, who explained that the strongest unit sale gains year-over-year were found in the Okanagan (up 22%) and Chillwack (up 25%).
“Low mortgage rates, increased net-migration and improving economic conditions continue to underpin housing demand in the province.”
Year-to-date residential sales were up 25.4% in Vancouver to $18.5 billion, and 22.8% provincially to $32.58 billion.