BC Business
Detached home sales have rebounded the most.
November, a typically quiet month for real estate sales in Metro Vancouver, proved to be stronger than usual this year, surpassing not just 2013 but also the region’s 10-year-average—by a healthy margin of 6.9 per cent.
Compared to November 2013, the gain appears even stronger, at 8.4 per cent, according to the Real Estate Board of Greater Vancouver, which analyzes data from MLS. As the chart above shows, detached homes, in particular, saw the biggest improvement following a famously bad 2012, which hit luxury properties particularly hard.
Now things are bouncing back—and then some. “It’s been a more active fall than we typically see in the Metro Vancouver housing market,” REBGV president Ray Harris said in a release. “Home prices across the region have experienced steady gains in 2014 of between three and seven per cent depending on property type.”
As for price, the average residential property in Metro Vancouver now goes for $637,300—5.7% more than it did this time last year. It’s never good news for first-time buyers, is it?