There is skyrocketing demand for townhomes and condos in the Metro Vancouver region. As per the latest reports supplied by the Real Estate Board of Greater Vancouver, sales volumes in August remained above average on account of consistent demand for townhomes and condos in the area. 3,043 residential units were sold in the area, indicating an increase of 22.3% as compared to sales volumes of 2,489 units in August 2016 and 2.8% growth as compared to July, 2017.
Sales for 2017 went up by 19.6% above the average in comparison to the sales average in August over the last decade. First time homebuyers were highly active in the market this year with regard to buying townhomes and condos. According to experts, homes priced between $350000-750000 had multiple takers last month. There was high demand for townhomes and condos on account of homeowners and buyers competing for the same properties. There were close to 4, 245 attached, detached and apartment properties that were put up for sale and this is a decrease of 1.1% in comparison to August 2016 and a decrease of 19.2% in comparison to July, 2017.
A lower number of listings were introduced into the Vancouver real estate market and the active listing number at 8,807 was higher in comparison to August, 2016 which had 8, 506 units. However, this was lower than a month back when 9,194 new listings were available. Prices for townhomes and condos are expected to continue going up while a more balanced phenomenon will be observed in case of detached homes.
