Greater Vancouver detached real estate sales are still enjoying the delayed spring rush this summer. Real Estate Board of Greater Vancouver (REBGV) data shows detached sales had the biggest August since 2015. Prices are also seeing growth accelerate as well, but higher inventory levels mean it’s nowhere near as tight as half a decade ago.
Greater Vancouver Detached Real Estate Prices Rise Over 6%
The price of a detached home in Greater Vancouver has gotten a boost during the pandemic. REBGV’s detached benchmark reached $1,491,300 in August, up 6.6% from the same month last year. In the City, prices in Vancouver East hit $1,502,700, up 10.1% from last year. In Vancouver West, the benchmark reached $3,084,600, up 5.6% from last year. The increase marks the fastest price growth in years for detached homes.
Greater Vancouver detached prices are rising rapidly, but are still down from just a few years ago. All three of the above regions have seen the rate of growth accelerate, and REBGV is growing at the fastest pace since 2018. However, REBGV data shows prices are still down 6.5% from just three years ago. In the City, Vancouver East is down 3.1% and Vancouver West is down 15.7% from three years ago.