Vancouver’s average price for detached homes surpassed C$1.4 million ($1.1 million) for the first time last month as purchases surged and supply tightened.
The average price was 16 percent higher than a year ago after transactions surged 54 percent to 4,060 homes in the Canadian city’s metropolitan area, the Greater Vancouver Real Estate Board said in an e-mailed statement Thursday. The supply of properties in metro Vancouver contracted by 15 percent from a year earlier, the board said.
“We’re seeing strong competition amongst home buyers,” Darcy McLeod, the board’s president, said in the statement. “This is leading to more multiple offer situations and some upward pressure on home prices.”
Low interest rates, a relative scarcity of available properties and continued inbound immigration are pushing up prices in Vancouver, Canada’s third-largest city.