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Real estate sales grew in October

For those people waiting for the local real estate bubble to burst, it looks as though you'll have to wait a while longer.

According to the latest figures released by the Real Estate Board of Greater Vancouver, the median selling price of single detached homes actually increased last month compared to September, up 12.2 per cent to $1,038,000. At the same time, the number of houses that changed hands also rose 46.3 per cent, from 54 in September to 79 in October.

The number of condos and townhouses sold also rose month-over-month, up 16.4 per cent and 32.6 per cent respectively. The median selling price for condos, meanwhile, edged upward from $315,000 in September to $325,000 last month, but were down 4.8 per cent for townhouses to $507,000 over the same period.

Year-over-year house, townhouse and condo sales all fell.

House sales were down 25 per cent, but the median price rose 3.8 per cent.

The median selling price of condos and townhouses were down 5.3 per cent and 7.8 per cent respectively.

"Buyer demand increased slightly in October compared to the previous few months," said Sandra Wyant, president-elect of the board. "Overall conditions in today's market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today's marketplace."

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