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August was hot this year - and we're not just talking about the weather

Posted by Leo Bruneau on Wednesday, September 13th, 2017 at 12:53pm.

Greater Vancouver Home Sales went up 22% in August

There's a new trend in home buying as the interest and demand has shifted from detached homes to condos and townhouses. With this change, detached homes have now entered a "balanced market", meaning that there's less pressure on prices. But what does that mean for the rest of the market?

Here are the key things to note about this months stats:

1. There was a 22.3%  sales increase since August 2016

Yes, it's true, August residential property sales have increased by 22.3% compared to the previous year. According to the Real Estate Board of Greater Vancouver (REBGV), they totaled at 3,043, an increase from the 2,489 sales in August 2016. The sales were 19.6% higher than the 10 year average for August sales.

2. Demand is high for condos and townhouses

It's a great time to be a condo right now. Condo's, by the amount of 1,613, were quickly exchanging hands in August 2017. This is a 20.1% increase from August 2016 where only 1,343 saw a change of ownership. Currently, condos are the only property type to see a month-over-month increase. Sales from this August is almost 9% greater than July's, raising the overall Greater Vancouver home sales up by 2.8% compared to July.

3. First-time home buyers are leading the sales

No more renting for these folks. It's time to settle down and actually own your home. "Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region," claims Jill Oudil, president of REBGV.

4. Now's a great time to sell

Attached properties are all the rage for this month. Whether it's a townhouse, duplex, condo or row house, these attached homes are what everyone is looking for in today's market. With great prices and a high demand, if you're thinking of selling your condo or townhouse, now is a great time to contact Team Leo. Call them at 604-936-1111 (toll free at 1-800-939-6838) or email them at team@teamleo.com.

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