Construction workers built condo units in Willoughby. (Black Press files)

House sales level, condos climb in Metro Vancouver

The benchmark price for an apartment is almost $627,000

Heavy competition for townhomes and condominiums pushed Metro Vancouver home sales up in August.

The Real Estate Board of Greater Vancouver says 3,043 homes sold in August, a 22.3 per cent increase from the same period last year.

Board president Jill Oudil says first-time buyers led the surge with intense competition for homes priced between $350,000 and $750,000 setting off multiple offers across the region.

Oudil says real estate conditions for detached homes have entered a balanced market, meaning there is less upward pressure on prices and buyers have more selection.

RELATED: Average new-home price in Abbotsford exceeds $1 million

The composite benchmark price for all residential properties covered by the board is $1,029,700, a 9.4 per cent increase over August 2016.

The benchmark price for an apartment is almost $627,000, a 19.4 per cent increase from the same period last year, the same month the provincial government introduced a 15 per cent foreign buyers tax.

The Canadian Press

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