Vancouver Home Prices Climb 18% in 2016 on Meager New Listings

Vancouver housing prices climbed 18 percent last year and sales were the third highest on record, a gain that prompted governments to set tougher rules to prevent a crash.

Residential prices reached C$897,600 ($673,400) in December, according to a Wednesday from the Real Estate Board of Greater Vancouver, based on a composite benchmark price. The price gains were driven by buyer demand outpacing supply, with a mere 0.6 percent increase in new listings, the group’s report said.