The Greater Vancouver Real Estate Board said that home prices rose last month from June amid strong sales.

It added that the average home price stabilized at just over $1.2 million in July, an increase of 0.6 percent from the previous month and 0.5 percent compared to the same month last year.

Total sales in the market reached 2,455 last month, an increase of 28.9 percent from last year.

However, the board says that sales were 15.6 percent lower than the 10-year seasonal average of 2,909.

The number of new listings of homes for sale was 4,649 last month compared to 3,975 in July 2022.

For his part, Andrew Lis, the board's Director of Data Analysis, explained that the year-over-year rise in sales corresponds to the shock the market experienced in 2022 from the sharp increases in interest rates by the Bank of Canada.