Vancouver Sees Staggering 52 Per Cent Rise in House Sales in August 2013

First it was Toronto that released its figures for house sales in August, and then just hours later came the news from Vancouver and its sales for homes. When the Real Estate Board in Toronto announced Toronto house sales were up by 21%, it certainly raised a few eyebrows. But then when Vancouver’s sales figures were announced and we had a 52% rise, it must drawn many to take in a sharp intake of breath.The figures compare to those from last year, so property sales are up 52% on the figure they were at in August 2012. Buyers have long feared that one day there will be another round of tightening up of mortgage rules, and it has been for that reason that house sales across Canada have been a little suppressed. But those fears are clearly beginning to ease now and suddenly there has been a glut of home buying in many of Canada’s major cities.Moreover, it’s not just the luxury home market that has taken off at a pace. Sales are strong in virtually all home sectors including apartments, condos, town houses and luxury homes. Vancouver is well known for its luxury homes with many of the waterside properties boasting 7 or 8 bedrooms and just as many bathrooms. In fact the average in Greater Vancouver was placed at just over $601,000, which is actually a slight drop from the figure it was compared to August 2012. Compared to Toronto where the bench mark price was actually on the up by nearly 6% to just over $503,000, Vancouver still has seen a healthy interest in the housing market.The increase in sales is still expected to continue unabated despite tighter lending restrictions and rising household debts. It’s thought many in the real estate business and the home buying market are starting to feel a housing price boom to begin at some point in the next two years.There is no doubt that the Real Estate Board of Greater Vancouver believes the city’s housing market is looking much healthier than it was this time last year. The sales boom in August comes as figures in the month of July were actually down. House sales in Vancouver were 16% lower in July 2013 on the same period earlier. The figures also noted that there were 8% fewer properties listed in August than on the previous year.