British Columbia

Vancouver real estate a seller's market as fewer homes listed

Bidding wars are pushing home prices up across Metro Vancouver as the number of homes listed continues to drop.

July home sales were up more than a third over the 10-year average despite less inventory

Home sales in Metro Vancouver in July were significantly higher than the 10-year average, despite fewer properties listed on the market. (Darren Calabrese/Canadian Press)

Bidding wars are pushing home prices up across Metro Vancouver as the number of homes listed continues to drop.

According to the Real Estate Board of Greater Vancouver, July 2015 saw a 26.3 per cent reduction in the number of homes listed for sale across the region compared to July 2014.

Despite less inventory, home sales last month grew more than a third above the 10-year average, with 3,978 properties sold — still down from 4,375 sales in June.

"Today's activity continues to benefit sellers as home buyers compete for the homes available for sale," Darcy McLeod, president of the board said in a statement Wednesday.

As demand for homes outstrips supply, prices continue to rise.

The benchmark price for a detached home in Metro Vancouver rose 16.2 per cent compared to July 2014, to reach $1,141,800.

Apartment prices rose 5.9 per cent, and attached homes by 7.8 per cent compared to July 2014.

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