Condo prices in the city have soared to nearly 20% in the past year. All this is despite the introduction of a 15% foreign buyer’s tax. There has been a heavy competition for town homes and condominiums and this has pushed the home sales up since August.
The real estate Board of Greater Vancouver says that 3043 homes were sold in August which was a whopping 22.3 percent increase from the same period last year!
This time, it was the first time buyers who lead the surge with the intense competition for homes priced between $350,000 and $750,000. This immediately set off multiple offers across the region.
Overall, it has been observed that the real estate conditions for detached homes have entered a balanced market which means that there is less upward pressure on prices and buyers have a range to select from. More options make things more convenient for buyers.
The composite benchmark prices or all residential properties covered by the board is $1,029,700, a 9.4 per cent increase over August 2016.
For an apartment, the benchmark price is almost $627,000, a 19.4 per cent increase from the same period last year. This was around the same month when the provincial government introduced a 15% foreign buyer’s tax.
As far as detached homes are concerned, the benchmark price is $1,615,100, a 2.2-per-cent increase from a year earlier.
Vancouver Real Estate Listings. 1480 HOWE STREET for sale by Naz Allahyari from RE/MAX Masters Realty.
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