Repeat home sales prices increased 21.71% in Vancouver year-over-year to May, according to the Teranet Home Price Index, which tracks price changes for repeat sales of single-family homes.

This was well above the Canadian average of 8.98% and the gains seen in the country’s other areas of strength, including Hamilton (up 13.8%), Victoria (10.8%) and Toronto (10.6%).

“This run-up reflects very tight conditions on the resale market, to judge by active listings and sales published by the Real Estate Board of Greater Vancouver,” Teranet said in a press release.

In May alone, prices increased 2.86% in Vancouver.

“For Vancouver it was the 17th consecutive month without a decline, the index setting a record each time,” Teranet said.

Canada as a whole saw an increase of 1.75%, which was the biggest increase in the month of May since 2008.

Vancouver Once Again Sees Country’s Biggest Gain in Repeat Home Sales Prices by Emma Crawford Hampel | Business in Vancouver