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Potential buyers arrive at an open house in the Strathcona neighbourhood of Vancouver, British Columbia

Rafal Gerszak/The Globe and Mail

Prices in Vancouver for single-family detached homes have hit new heights.

The home price index, calculated by using a formula that strips out the most expensive resale properties on the Multiple Listing Service, reached $2,273,600 last month for a detached house on Vancouver's west side, up 9.9 per cent from July, 2013.

July's benchmark index price for a detached property on Vancouver's east side rose 10.3 per cent year-over-year to $932,000.

Story continues below advertisement

The Real Estate Board of Greater Vancouver cautions that average prices give a skewed picture of the market because sales of many high-end homes boost the figures to well above other transactions that are considered more typical.

Greater Vancouver, which includes suburbs such as Burnaby and Richmond, saw the home price index hit $628,600 last month for resale detached properties, townhouses and condos, up 4.4 per cent from July, 2013.

Sales volume in Greater Vancouver in July reached 3,061, up 3.9 per cent from the same month in 2013 and 3.8 per cent higher than the 10-year sales average for July of 2,948, the board said Tuesday.

"This is the fourth consecutive month that the Greater Vancouver market has exceeded 3,000 sales," board president-elect Darcy McLeod said in a statement. "Prior to this, our market had not surpassed the 3,000 sale mark since June of 2011.

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