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What Slow down...

Metro Vancouver home sales hit 3,047 in August at a benchmark price of $1.04 million, as the housing market continued its recovery from the COVID-19 pandemic.


The number of homes sold last month was nearly 20 per cent higher than the 10-year average for August, although there was a slight decrease from the 3,128 homes sold in July, The Real Estate Board of Greater Vancouver said on Wednesday.


The benchmark price in August was 5.3 per cent higher than August 2019 and 0.7 per cent higher than July for the Vancouver area, said the board, which covers Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler.


Board chairwoman Colette Gerber said the higher-than-average sales were driven by people who put their plans on hold in the spring, when home viewings were locked down to slow the spread of COVID-19. “Low interest rates and limited overall supply of homes for sale are creating competition in today's housing market,” Gerber added in a statement.


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