Vancouver home prices continue to rise

July saw sales and prices tick up yet again

Vancouver home prices continue to rise

The average home price in Vancouver ticked upwards in July with sales also skyrocketing on a year-over-year basis, according to the city’s real estate board.

The composite benchmark price of a home in the city rose by 0.6% compared with June, according to the Real Estate Board of Greater Vancouver (REBGV), to just over $1.2 million.

That was a slight increase over the same time last year, with sales surging by 28.9% to 2,455 – a level that was still well below the 10-year seasonal average of 2,909.

New supply is also continuing to arrive in the Vancouver market. While July 2022 saw 3,975 new listings, that number jumped to 4,649 last month, the real estate board said.

Andrew Lis, REBGV’s director of economics and data analytics, said the sizeable annual increase in sales was little surprise, with July last year having seen many would-be buyers move to the sidelines after a “super-sized” policy rate increase of a full percentage point by the Bank of Canada.

The news arrives shortly after Calgary’s real estate board revealed record home sales in July, totalling 2,647 in an 18% increase over the same month last year.