New supply is also continuing to arrive in the Vancouver market. While July 2022 saw 3,975 new listings, that number jumped to 4,649 last month, the real estate board said.

Andrew Lis, REBGV’s director of economics and data analytics, said the sizeable annual increase in sales was little surprise, with July last year having seen many would-be buyers move to the sidelines after a “super-sized” policy rate increase of a full percentage point by the Bank of Canada.

The news arrives shortly after Calgary’s real estate board revealed record home sales in July, totalling 2,647 in an 18% increase over the same month last year.