Did the market take vacation in August?
What we learn from market numbers is that all areas have different patterns, however overall in BC and Greater Vancouver markets show continued confidence. Though sales and units listed were down in certain areas, which aligns to historical trends of a slower August, overall units sold for Greater Vancouver jumped over 10% compared to last year.
Vancouver home sales up 10.3% year-over-year in August.
A kick off to the Fall is anticipated, with active Buyers already in the market trading up or downsizing, as well as a continued flow of investors from outside of our province. The high-end sales in Vancouver continue to outpace projections, defying predictions of a slowdown after Ottawa shut down the federal immigrant investor program earlier this year. Already in 2014, 572 properties in Metro Vancouver have sold for $3+ million, including 135 homes for $5+ million, according to Macdonald Realty Group’s compilation of statistics from local real estate boards. If sales volume remains at its current pace, the 2014 luxury real estate market will set a new record to the 691 homes that sold for $3+ million in 2011.
In Vancouver home sales, $3-million is the new $1-million
Foreign buyers are fuelling a seismic spike in Vancouver’s luxury housing market
Getting ready to kick off the Fall market? For insight as to what areas offer the best opportunities for you, call me, I'd love to help.
Click here to see Augusts Market Stats. (Market Stats will open in new browser window. Right click on the image to enlarge)