The Real Estate Board of Greater Vancouver says last month’s home prices rose from June amid strong sales figures and low levels of housing inventory.<\/p>\n
The board said the composite benchmark sat at just over $1.2 million in July, up 0.6% from the previous month and 0.5% compared with the same month last year.<\/p>\n
Sales in the market totalled 2,455 last month, a 28.9% increase from a year ago.<\/p>\n
According to the board, sales were 15.6% below the 10-year seasonal average of 2,909.<\/p>\n
New listings hit 4,649 last month compared with 3,975 in July 2022.<\/p>\n
The board’s director of economics and data analytics said the “not insignificant” year-over-year bump in sales corresponds with the shock felt in 2022 from the Bank of Canada’s steep rate hikes.<\/p>\n
“Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase,” Andrew Lis said in a news release. “Last July marked the point when the Bank of Canada announced their `super-sized’ increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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