(Vancouver) Prices for real estate properties in Greater Vancouver rose last month, compared to May, as potential buyers faced a supply shortage in the area, the area’s real estate board said Wednesday.

According to the group, the composite benchmark price stood at more than 1.2 million last month, down 2.4% from June 2022, but up 1.3% from May. .

The number of home sales on the market reached 2,988 last month, which was a 21.1% increase from a year ago.

The council says those sales were 8.6% below the 10-year seasonal average of 3,269.

The number of new registrations reached 5,348 last month, up from 5,278 in June 2022.

The director of economics and data analysis at the Vancouver real estate board explained that the market was beating expectations, especially in the apartment segment, but that supply remained an issue.

“Despite high borrowing costs, there is still too little resale inventory available relative to Metro Vancouver’s buyer base,” Andrew Lis said in a news release.

“This is the fundamental reason why we continue to see prices increase month over month across all segments. »