VANCOUVER – There appears to be no ceiling for the cost of homes in the Vancouver area, as more keep selling for higher prices.
The Real Estate Board of Greater Vancouver says July sales of homes jumped 30 per cent compared to the same time last year.
The average price for a residential property in Metro Vancouver is $700,500, an 11.2 per cent increase from 2014.
Board president Darcy McLeod says much of the latest activity can be credited to consumer confidence, the low interest rate and a reduced supply of homes for sale.
McLeod says there are about 5,000 to 6,000 fewer homes on the market compared to the last five to six years.
Sales of detached homes also jumped by almost 18 per cent, with the average price at more than $1.14 million.