Vancouver and the Fraser Valley both experienced above-average home sales last month, according to local real estate board figures, as buyers try to get ahead of the new mortgage requirements in January.
The federal government’s plans to tighten mortgage requirements for the seventh time in eight years helped spur short-term activity, said the REBGV president Jill Oudil in a statement.
“We have definitely seen some spur in activity, likely for any buyers that are wanting to make sure they jump in before the change in the rules,” she said.
The Fraser Valley saw a similar increase in average home prices to those in Vancouver. Average home prices were $971,900, last month – up 11.8 per cent compared to October 2016.
Price growth in the Fraser Valley and Vancouver was driven by appreciation in townhomes and condos.
In the Fraser Valley, the divide between selling prices of attached and detached markets continues to widen, according to Gopal Sahota, president of the Fraser Valley Real Estate Board.
The average selling price for apartments was $369,400 – an increase of 36.4 per cent compared to October of last year.
“Apartment activity was notably strong in October, with a sales-to-actives ratio of 105 per cent, meaning that apartments are selling as fast as we can list them,” Sahota said in a statement.
Chilliwack sales also continue to climb
Sales in Chilliwack were up 27.7 per cent in October year over year, according to the Chilliwack and District Real Estate Board (CADREB).
There were 350 sales in the CADREB area up from 274 October 2016.
Prices, too, continue to climb with the median sale prices at $535,000 up 20.2 per cent from $445,000 a year ago.
With files from Aleksandra Sagan, The Canadian Press