August real estate sales topped 2008
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Updated: September 04, 2009 3:33 PM
There was no real cooling off of the hot real estate market in August, according to the latest numbers from the Real Estate Board of Greater Vancouver.
While the number of homes changing hands fell significant compared to July—the hottest July on record—August sales of condos, townhomes and houses in Richmond at least doubled or tripled compared to a year ago.
There was a 246-per-cent increase in the number of detached homes sold, from 49 a year ago to 170 last month. Median selling price was also up more than four per cent to $720,000.
For townhomes, the number sold last month tripled compared to a year ago, with sale prices down a little more than four per cent.
Condo selling prices were about the same as last year, though the number sold nearly doubled compared to 2008.
"The return of confidence to our market has brought a high volume of home sales over the last few months and has also made determining home prices a little more challenging," board president Scott Russell said, adding that the number of homes sold last month was comparable to what was seen in 2003 to 2007. "While that's great news, from the variations in activity we're seeing across areas, I'd say the market is still trying to find its own balance."
Central 1 Credit Union economist Helmut Pastrick, who had predicted a plunge of 25 per cent, says Lower Mainland prices bottomed out in March down 13 per cent from their peaks and the rebound now looks solid.
“Housing prices look like they made the turn in March or April and have gone up every month since,” he said. “It looks like the worst is over for the housing market.”
The Real Estate Board of Greater Vancouver reported the price of a benchmark detached house rose to $732,650 last month and is now down just 0.7 per cent from a year ago.
Pastrick said Lower Mainland real estate prices overall have climbed seven per cent from the bottom.
While the one-year stats are getting close to even, Pastrick estimated prices need to gain another seven per cent to recapture the peaks of early 2008.
“The market has shown very good strength,” he said. “Mainly due to the record low mortgage rates and the attractiveness of home ownership in general.”
—with files from Jeff Nagel
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