Strong sales in Vancouver boosted by consumer confidence

Higher consumer confidence has pushed home sales up by 20.7 per cent in Vancouver to 10,247 in July.

New figures from the British Columbia Real Estate Association show that total sales dollar volume was $6.2 billion, up 33.9 per cent from a year earlier and the average MLS price rose 11 per cent to $608,294.

BCREA chief economist Cameron Muir says that consumer confidence is driving sales except in the northern-most parts of B.C., where the economy is more reliant on resources.

"Tighter market conditions are driving home prices higher as supply struggles to keep up with demand," he said.

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