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August home sales rise nearly 16% in Metro Vancouver

By Joannah Connolly for Buisness Vancouver

Sales total lower than July but a marked recovery from a year ago, as industry hopes the worst is over.

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The real estate industry is beginning to hope that the worst of the Metro Vancouver housing slowdown is over, with August home sales posting a strong performance.

There were 2,231 residential resale transactions in August, which is a 12.7 per cent decrease from the sales spike seen in July, but 15.7 per cent higher than one year ago, the Real Estate Board of Greater Vancouver reported September 4.

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August’s home sales were still 9.2 per cent below the 10-year sales average for the month, but this is a considerable improvement on the 30-40 per cent dip seen over the past year.

“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” said REBGV president Ashley Smith.

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