The average price of a detached home in metropolitan Vancouver rose 12.5 percent in April amid below-average listings, the Real Estate Board of Greater Vancouver said Monday in a statement.
The average price climbed to C$1.08 million ($890,000) from the same month a year earlier, the board said. Home sales rose 37 percent to 4,179 units in the month, from 3,050 a year earlier.
“The supply of homes for sale today in the region is not meeting the demand we’re seeing from home buyers,” Darcy McLeod, the board’s president, said in the statement. “This is putting upward pressure on prices, particularly in the detached home market.”
Historically low interest rates, inbound migration to southwestern British Columbia and a scarcity of properties for sale are helping to buoy prices in Canada’s third-most-populous metropolitan area after Toronto and Montreal.
The MLS Home Price Index -- a composite benchmark price measure -- rose 8.5% in the month.