If you’re feeling like summer went ahead and flew by, you wouldn’t be the only one. As the season winds to a close, the Metro Vancouver residential market* follows along its typical seasonal pattern where we begin to see sales starting to slow.
Residential Home Sales
The Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales^ in the region totalled 2,296 last month, up 21.4% from the 1,892 sales recorded in the same month last year. Still, this figure sits 13.8% below the 10-year seasonal average of 2,663.
Andrew Lis, Director of Economics and Data Analytics at the REBGV commented on last month’s housing trends by saying, “It’s been an interesting spring and summer market, to say the least. Borrowing costs are fluctuating around the highest levels we’ve seen in over ten years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.”