Vancouver home prices rise as July sales rise, up 28.9% from 2022 IG News

IG News Updates,

The Real Estate Board of Greater Vancouver says home prices rose last month from June amid strong sales data and lower levels of housing inventory.

The board says the composite benchmark totaled just over $1.2 million in July, up 0.6 percent from the previous month and 0.5 percent from the same month last year.

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Total sales at the market last month were 2,455, up 28.9 percent from a year earlier.

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The board says sales were down 15.6 percent from the 10-year seasonal average of 2,909.

New listings reached 4,649 last month compared to 3,975 in July 2022.

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The board’s director of economics and data analytics says the “not insignificant” jump in sales year-over-year matches the shock felt from a faster Bank of Canada rate hike in 2022.

“Looking at these figures, it’s easy to see why there’s been such a huge year-over-year increase in sales,” Andrew Liss said in a news release.

“The point came to a head last July when the Bank of Canada announced a ‘super-sized’ increase in the policy rate of a full percentage point, surprising buyers and sellers and bringing market activity to a halt at the time.”

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This report by The Canadian Press was first published on August 2, 2023.

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