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In August, Greater Vancouver home sales soared past average trends for the month, thanks to continued demand for relatively affordable housing options.

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets. Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region,” says Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president, in a statement.

In fact, activity in the condo and townhome property types drove the region’s home sales 19.6 per cent above the 10-year sales average for August, according to REBGV’s latest data, published on Friday.

SEE ALSO: Here’s how Millennials could be driving up BC condo prices

Out of all property types, condo sales topped the leaderboard last month with a total of 1,613 sales — a 20 per cent increase compared to the 1,343 sales a year ago.

Conversely, the appetite wasn’t as strong in the detached sector last month.

Although detached home sales have eased since reaching record highs last year, the benchmark price of a single-family home continues to rise modestly. Despite the ongoing price increases, Oudil says the detached sector has entered balanced territory.

“This means there’s less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions,” says Oudil.

With all eyes on Greater Vancouver’s housing market to see how things will unfold during the remainder of 2017, here are seven more key stats you should know about REBGV’s latest market data release for last month:

1. A total of 3,043 residential properties sold in Greater Vancouver last month, up 22.3 per cent from the 2,489 sales seen in August 2016.

2. Detached properties saw the biggest annual gain in sales out of all property types in the region last month. A total of 901 detached homes changed hands last month, a 26 per cent increase from 715 sales recorded a year ago.

3. With a rise in detached sales came a hike in detached prices. Last month, the benchmark price of a detached home was $1,615,100, up 2 per cent from August 2016.

4. Attached property sales saw the next biggest year-over-year sales increase with a total of 529 sales, up 22.7 per cent from the 431 sales in August 2016.

5. The region’s benchmark price pushed further past the $1 million-mark to $1,029,700 in August, up 9.4 per cent from a year ago.

6. Strong demand was met by a lack of new listings last month. There were 4,245 residential properties newly listed for sale in Greater Vancouver in August. This represents a 1 per cent decrease compared to August 2016 and a 19 per cent decline from July 2017.

7. Last month, the sales-to-active listings ratio for all property types was 34.6 per cent. Typically when the ratio falls below 12 per cent for a sustained period of time home prices experience downward pressure, says REBGV. Conversely, upward pressure occurs on home prices when the ratio surpasses 20 per cent over several months.

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