It didn’t matter that last year listings in Vancouver were below their historical averages — buyers gobbled properties that were available at a record pace, purchasing $38.4 billion of real estate in 2015.

The Real Estate Board of Greater Vancouver reported Tuesday that home sales hit their highest annual total in recorded history with 42,326 transactions, a 27.8% increase from the year before. Sales were up 48.4% from 2013.

“Home buyers were active and motivated throughout 2015 despite the pressure on the supply of homes on the market,” said Darcy McLeod, president of the board, in a statement. “Housing markets typically experience quieter periods within a calendar year, but that wasn’t the case in Metro Vancouver last year.”

The sales record came even though the total number of homes listed for sale on the Multiple Listing Service in 2015 ranked fifth in the last ten years. The number of residential properties listed for sale reached 57,249 in the metro area, up 2.1% from a year earlier and 4.6% from 2013.

“We often hear economists say that seller’s market conditions put upward pressure on home prices,” McLeod said. “That was certainly the case in 2015, with price increases ranging from 14 to 24 percent depending on property type.”

December sales indicated the market is showing no signs of slowing down with 2,827 transactions last month, a 33.6% increase from a year ago. New listings were up 7% from a year ago but couldn’t keep up with demand.

The total number of properties listed at the end of the year for the metro region was 6,024, a 41.6% decline compared to a year ago and a 25.6% from November.

Sales of detached homes continued to be strong, up 36.4 from a year ago with the benchmark price up 24.3% in the period, climbing to $1,248,000.

Apartment sales were strong too, up 34.3% from a year ago. The benchmark price of an apartment property increased 14% from December 2014 to $436,200.

The federal government has introduced new mortgage financing rules aimed at hot markets like Vancouver and Toronto. Under the rules, the down payment for government-backed loans will jump from 5% to 10% for any amount above $500,000.

The rules take effect Feb. 15 and some economists and real estate industry experts have predicted there might be increased activity ahead of that deadline.

However, the increase didn’t keep with demand as home prices soared. The board’s MLS home price index composite benchmark price for all residential finished 2015 at $760,900, an 18.9% increase from a year ago.

Metro Vancouver Housing Market Sets New Sales Record in 2015 as Prices Keep Climbing by Garry Marr | Financial Post