Construction workers built condo units in Willoughby. (Black Press files)

House sales level, condos climb in Metro Vancouver

The benchmark price for an apartment is almost $627,000

Heavy competition for townhomes and condominiums pushed Metro Vancouver home sales up in August.

The Real Estate Board of Greater Vancouver says 3,043 homes sold in August, a 22.3 per cent increase from the same period last year.

Board president Jill Oudil says first-time buyers led the surge with intense competition for homes priced between $350,000 and $750,000 setting off multiple offers across the region.

Oudil says real estate conditions for detached homes have entered a balanced market, meaning there is less upward pressure on prices and buyers have more selection.

RELATED: Average new-home price in Abbotsford exceeds $1 million

The composite benchmark price for all residential properties covered by the board is $1,029,700, a 9.4 per cent increase over August 2016.

The benchmark price for an apartment is almost $627,000, a 19.4 per cent increase from the same period last year, the same month the provincial government introduced a 15 per cent foreign buyers tax.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Vedder Rotary trail network in Chilliwack will be closed for five days on the south side

The upgrade will take until Friday so trail users asked to take alternate routes

Chilliwack encouraged to commemorate liberation of Holland

Planning already underway to mark the 75th anniversary of the event

UPDATE: RCMP confirm body of missing Chilliwack senior found

Ethel ‘Grace’ Baranyk had severe dementia

RCMP urge caution for back to school drivers

Police are asking drivers to slow down and watch for pedestrians

UPDATE: Police response on Cheam First Nation a ‘non-event’, RCMP say

More than two dozen RCMP and ERT vehicles were at the First Nation looking for a known fugitive

Trudeau to meet with U.K. and Japanese prime ministers ahead of G7 summit

French President Emmanuel Macron, this year’s G7 host, has little expectations of a unified front from the leaders

Racist confrontation in Richmond parking lot caught on camera

Woman can be heard yelling racial slurs, swear words at woman in apparent parking dispute

Groups ready campaign to help young voters identify ‘fake news’ in election

The media literacy campaign to focus on identifying misinformation and suspicious sources online

Big rally in northern B.C. draws attention to continuing lumber crisis

Mayor Joan Atkinson says about 400 workers have been directly affected by the closure of the Canfor mill

Orangeville Northmen take Minto Cup at Langley Events Centre

Swept best-of-five series 3-0 over Victoria Shamrocks

Expanded support to help B.C. youth from care attend university still falling short

Inadequate support, limited awareness and eligibility restrictions some of the existing challenges

Ethnic media aim to help maintain boost in voting by new Canadians

Statistics Canada says new Canadians made up about one-fifth of the voting population in 2016

UPDATE: Crown cross-examines B.C. father accused of killing daughters

Andrew Berry is charged in the deaths of six-year-old Chloe and four-year-old Aubrey in 2017

Dog attacked by river otters, Penticton owner says

Marie Fletcher says her dog was pulled underwater by four river otters in the Penticton Channel

Most Read