BCREA Chief Economist Cameron Muir said the gains in prices were seen especially in the more expensive homes of Vancouver and its surroundings. He noted the average residential price on the Multiple Listings Service (MLS) were up 19%, whereas the benchmark or typical home price was up just 4%.
â€œThe surge in consumer demand in Metro Vancouver continues to propel the provincial statistics higher,â€ he said. â€œElevated sales activity in Vancouverâ€™s pricier communities has pushed average home prices higher than market conditions would suggest.â€
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The British Columbia Real Estate Association (BCREA) said total residential sales were up 8% over the same period.