Greater Vancouver detached real estate sales are still enjoying the delayed spring rush this summer. Real Estate Board of Greater Vancouver (REBGV) data shows detached sales had the biggest August since 2015. Prices are also seeing growth accelerate as well, but higher inventory levels mean it’s nowhere near as tight as half a decade ago.

Greater Vancouver Detached Real Estate Prices Rise Over 6%

The price of a detached home in Greater Vancouver has gotten a boost during the pandemic. REBGV’s detached benchmark reached $1,491,300 in August, up 6.6% from the same month last year. In the City, prices in Vancouver East hit $1,502,700, up 10.1% from last year. In Vancouver West, the benchmark reached $3,084,600, up 5.6% from last year. The increase marks the fastest price growth in years for detached homes.

Greater Vancouver Detached Benchmark Price

The price of a typical detached home across the Greater Vancouver Real Estate Board, in Canadian dollars.

Greater Vancouver detached prices are rising rapidly, but are still down from just a few years ago. All three of the above regions have seen the rate of growth accelerate, and REBGV is growing at the fastest pace since 2018. However, REBGV data shows prices are still down 6.5% from just three years ago. In the City, Vancouver East is down 3.1% and Vancouver West is down 15.7%  from three years ago.

Greater Vancouver Detached Benchmark Percent Change

The 12 month percent change of a typical detached home across the Greater Vancouver Real Estate Board.

Detached  Sales Had The Biggest August Since 2015

Greater Vancouver detached sales had the best August in years. REBGV reported 1,095 detached sales in August, down 2.3% from the month before. The increase works out to 55.1% higher than the same month last year. That makes this past August the busiest for detached sales since 2015. 

Greater Vancouver Detached August Sales

The number of detached homes sold in the month of August, across Greater Vancouver.

New Inventory Is Hitting The Market Very Quickly As Well

Like most markets and segments, Greater Vancouver is seeing a significant increase in sellers hitting the market. REBGV reported 1,837 new listings in August, down 3.57% from the month before. This works out to an increase of 41.85% from the same month last year. Despite the flood of new listings, it was lower than the rise in sales, pushing total inventory levels lower.

Greater Vancouver Detached Sales Vs. New Listings

The total number of detached sales, compared to the number of new detached listings per month.

Active listings, or total inventory, for detached homes is significantly lower this year. REBGV reported 4,614 active listings for detached homes in August, up 3.45% from a month before. This number is still 21.84% lower than the same month last year though. While that makes the market tighter, it’s nowhere as tight as it was back in 2015 when sales were last this high. 

Greater Vancouver detached real estate prices have been rising at the fastest pace in years. They aren’t quite back to where they were a few years ago, but price growth is undeniably accelerating. New listings are also rising quickly though, making it a very different market. Sales are the highest since 2015, but the level of inventory is nowhere as low as it was back then. 

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Greater Toronto real estate has seen sales surge, and the detached market is leading the way. Toronto Regional Real Estate Board (TRREB) data shows detached sales nearly reached a record high in August. Most of the activity surge has been in the 905 suburbs, but the City’s buyers don’t seem to have noticed. The City is seeing prices rise at the same rate, despite the market not being nearly as tight as in the suburbs.

Greater Toronto Detached Prices Rise Over 11%

The price of a typical detached home is soaring, and it doesn’t really matter where in Greater Toronto. TRREB’s detached benchmark reached $1,054,300 in August, up 11.79% from the same month last year. The City of Toronto benchmark reached $1,267,200, up a relatively similar 11.85% from last year. Both numbers aren’t just very high, they’re growing at a much faster rate than when the economy was doing “well.” 

Toronto Detached Benchmark Price

The price of a typical detached home across the Toronto Real Estate Board, in Canadian dollars.

The benchmark price of a detached home is growing at the fastest rate in years. Both TRREB and the City of Toronto’s benchmarks are growing at a similar pace. This is the highest rate of growth since 2017, when the market actually saw new restrictions to contain price growth.

Toronto Detached Benchmark Percent Change

The 12 month percent change of a typical detached home across the Toronto Real Estate Board.

The median sales price was less, but increased much more than the benchmark price. TRREB’s median sale price increased to $1,010,000 in August, up 18.77% from a year before. The City of Toronto median detached house went fro $1,200,000, up 24.10% from a year before. This means over half of homes in the 905 went for 4% above the benchmark, and more than half in the city went 5% below the benchmark. A bit of an oddity. 

Toronto Detached Average Sale Price

The average sale price of a detached house in the Toronto Real Estate Board.

The average sale price for detached homes made a similar increase to the median. TRREB’s average sale price reached $1,172,880 in August, up 19.9% from last year. The City of Toronto average increased $1,505,100, up 21.4% from the same month last year. The City’s average is much higher than the benchmark, indicating a rise in luxury sales. 

Toronto Detached Average Sale Price Change

The 12 month percent change of average sale price across across TREB.

Busiest August For Detached Home Sales Since 2016

Detached homes sales are still enjoying a delayed spring market. TRREB reported 5,429 detached sales in August, up 50.6% from last year. The City of Toronto represented 1,099 of those sales, up 65.3% from last year. This is just a few units under the record set for August in 2016. Once again, the demand shift from spring to summer due to the pandemic means this is a very different reason. However, to current buyers, it feels the same. 

Toronto Detached August Sales

The total number of Greater Toronto detached sales made in the month of August.

New Inventory Is Rising Much Faster In The City

The number of new listings failed to keep up in the suburbs, but showed similar growth to sales in the City. TRREB reported 8,301 new listings in August, up 33.54% from the same month last year. The City of Toronto represented 1,862 of those sales, up 63.52% from the same month last year. This means more pressure on  inventory in the suburbs, reflected in the number of active listings. 

Toronto Detached Sales Vs. New Listings

The total number of detached sales, compared to the number of new detached listings per month.

The number of active listings, or total inventory, made a significant decline. TRREB reported 7,395 active listings in August, down 25.41% from the same month last year. The City of Toronto represented 1,675 of those listings, down 6.32% over the same period. The 905 is seeing detached inventory fall much faster than the City. 

Toronto Active Detached Listings

The total number of detached listings available.

Greater Toronto real estate has been extremely busy this summer, and most of that activity has been in detached markets. Despite the 905 becoming a much tighter market than the City, both are seeing prices rise at the same pace. This likely indicates cheap money and exuberance are much bigger influencers in the City than the suburbs.

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