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

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

Like us on Facebook and follow us on Twitter.