The Real Estate Board of Greater Vancouver reports that home prices increased last month.

The increase comes as the number of sales listings fell across markets served by the REBGV.

The board covers Vancouver, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, West Vancouver, and Whistler.

“Housing supply is the biggest factor impacting the market right now,” REBGV economist Keith Stewart said in a media release Thursday (September 2).

Stewart also said that the August 2021 market was “busier than expected, and listings activity isn’t keeping up with the pace of demand”.

“This is leaving the market under supplied,” the REBGV economist added.

The benchmark or typical price for all residential properties in the region rose last month to $1,176,600.

This marks a 13.2 percent increase over August 2020, and a slight 0.1 percent increase compared to July 2021.

What’s also notable is that the $1,176,600 benchmark price in August 2021 represents a 4.7 percent increase from the $1,123,300 price in March this year.

March 2021 is a significant period because it holds the record of highest monthly sales in the region.

“To help relieve pressure on prices and improve peoples’ home buying options, the market needs a more abundant supply of homes for sale,” Stewart said.

In March this year, realtors sold a total of 5,708 homes.

Last month, 3,152 homes changed hands in the region.

The REBGV reported that the number of homes currently listed for sale is 9,005.

That’s a 29.7 percent decrease compared to the August 2020 supply of 12,803, and an 8.6 percent decrease from 9,850 in July 2021.

The market remains in solid seller’s territory, with sales-to-active listings ratio in August 2021 at 35 percent.

A ratio of 20 percent and over means sellers are in control.