Detached housing sales increased 53.5% across Greater Vancouver in September compared to the same month a year earlier and the Westside shared in the increase with a 30.6% surge. This marked the third straight month that Westside detached sales eclipsed the same month in 2018, but the performance was not as stellar as the numbers suggest. For example, the 61 sales in September were lower than in any month during the second quarter of this year when spring sales averaged 76 sales per month. Also it took 63 days for a new listing for a detached house to sell on the Westside in September, the slowest sale pace so far this year and a week longer than in August. The Westside detached market is improving but it has some way to go to reach its potential.
The August edition of the Eastside key insights report recommended that buyers might as well purchase an Eastside detached when one considers all options available in the Metro Vancouver residential market. It appears our readers took that advice to heart. In September 109 detached houses were purchased on the Eastside, a 32.9% increase from the same month a year earlier and the strongest monthly sales level since spring. The action mirrored what is happening across Greater Vancouver, where detached sales advanced 46.7% in September, year-over-year.
Condominium apartment sales in the city of Vancouver rocketed to 1,351 in the third quarter (Q3) of 2019, the highest quarterly sales this year and up 20.2% from Q3 of 2018. So far this year nearly 4,000 condos have sold in Vancouver, a strong performance by any measure and, we believe, an indication that the policy-induced downturn that has marked the market for two years is slowly coming to an end.
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