The number of home sales in Greater Vancouver increased by 52.5% in August compared to last year as ’rising mortgage costs helped push potential buyers off the fence’, according to the latest data from the Real Estate Board of Greater Vancouver.

A total of 2,514 homes were sold in August, up from 1,649 last year. Although the number is 14.7% lower than the previous month, it is just 4.6% under the 10-year sales average for August.

‘We’ve seen a healthy amount of demand in the marketplace this summer compared to the number of homes listed for sale’, Sandra Wyant, REBGV president said. She added: ‘The market today is much stronger than we saw last year and is consistent with our long-term averages for this time of year.’

In Toronto, home sales increased 21% in August compared to last year, according to latest data from the Toronto Real Estate Board. 

There were 7,569 home sales in August, compared to 6,249 last year, with strong sales reported for all major home types in the city.

The average home price in Toronto reached $503,094, (£310,000) increasing 5.5% from last year, while in Vancouver it is $601,500, (£371,000) representing a 1.3% drop from last year.