Vancouver home sales surge 56.2% to record level in September

The real estate market in Vancouver had its best September on record this year in terms of the number of homes sold.

The Real Estate Board of Greater Vancouver said on Friday that 3,643 homes were sold last month, up 56.2 per cent from the 2,333 sold in September 2019.

Sales were also up 19.6 per cent from the 3,047 homes sold in August.

The MLS home price Index composite benchmark price for all residential properties hit $1,041,300 in September, up 5.8 per cent from September 2019.

While a wave of homes hit the market last month, it was not enough to keep up with demand and low supply has pushed prices higher, said real estate board chairwoman Colette Gerber.

There were 6,402 properties newly listed for sale in September, up 10.1 per cent from August. But the sales-to-active listings ratio — a key metric used to analyze home prices — was 27.8 per cent, above the 20-per-cent threshold where prices tend to rise.

Gerber says low interest rates and changing housing needs during the COVID-19 pandemic have also influenced the market, which is recovering from a lockdown that slowed sales in the spring selling season.

Agents sold 730 attached homes (such as townhomes and rowhouses) and 1,317 detached homes in September, as sales in both categories rose more than 70 per cent from the same time a year ago.

Apartments, meanwhile, made up the biggest share of sales at 1,596, but were up 36.9 per cent year-over-year.

Detached homes are seeing the biggest price appreciation. At $1,507,500, the benchmark price of Vancouver detached homes in September was up 7.8 per cent from September 2019.

The benchmark price for Vancouver apartments in September was $683,500, up 4.5 per cent year-over year, while the benchmark price for attached homes was $809,900, up 5.2 per cent from September 2019.