Vancouver home sales surge 56.2% to record level in September

The real estate market in Vancouver had its best September on record this year in terms of the number of homes sold.

The Real Estate Board of Greater Vancouver says 3,643 were sold in September this year, up 56.2 per cent from the 2,333 sold in September 2019.

Sales were also up 19.6 per cent from the 3,047 homes sold in August.

The MLS home price Index composite benchmark price for all residential properties hit $1,041,300 in September, up 5.8 per cent from September 2019.

Real estate board chairwoman Colette Gerber says that while a wave of homes hit the market last month, it was not enough to keep up with demandand low supply has pushed prices higher.

Gerber says low interest rates and changing housing needs during the COVID-19 pandemic have also influenced the market.