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Aug 5, 2020 5:22 PM -

Vancouver home sales jump to 3,128 in July while prices rise amid lower supply

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Buyers purchased 3,128 homes in the Greater Vancouver area last month, up both from June and from July 2019.

The Real Estate Board of Greater Vancouver said on Wednesday that sales in July were up 22.3 per cent from this time last year, and up 28 per cent from June, as the economy has largely recovered from the COVID-19 pandemic and shutdown.

Home prices also rose in Vancouver, hitting a benchmark of $1,031,400, 4.5 per cent higher on a year-over-year basis.

While more homes hit the market in July compared to June, the total number of homes listed for sale, 12,083, is down compared to last July, when 14,240 homes were listed.

Colette Gerber, the real estate board's chair, said that low interest rates and limited supply have increased competition in the Vancouver real estate market over the past month. Gerber said in a statement that home buyers' demand has been growing throughout the year.

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