The average home sale price reached $1,049,424 in Greater Vancouver in December, according to new data from the British Columbia Real Estate Association.
This is an increase of 10.7% compared with the average of $948,246 in December 2016. The number of units sold last month increased 18.7% year-over-year to 2,069, compared with 1,743 last year. The total dollar volume of all sales across the region was up more than 31%, reaching almost $2.2 billion, compared with just under $1.7 billion in December 2016.
Across the province, the average sales price increased 12.1% to $734,108. The total number of units sold was up 21.5% to 5,738 in the month, and the total dollar volume jumped 36%, reaching more than $4.2 billion. In 2017 as a while, the total number of units sold was 103,763, which is down 7.5% from 2016’s record year, in which 112,211 units changed hands.
“Robust housing demand in 2017 was underpinned by a strong economy, employment growth and rising wages,” said BCREA chief economist Cameron Muir.
“Above trend migration, both international and interprovincial, also bolstered housing demand, while broader demographic fundamentals added fuel to condominium sales in urban centres and to all home types in retirement-oriented communities.”
Compared with November, home sales were up 4% province-wide in December as buyers rushed to purchase their homes in advance of the implementation of new, stricter mortgage qualification rules that came into effect January 1 of this year.