Vancouver home prices up 11% in 12 months

Home price in Metro Vancouver in west Canada has increased more than 11.23 percent over the past 12 months, according to Canadian Real Estate Association statistics released Friday.

Vancouver sees the fastest rise in home price, followed by the Greater Toronto Area at more than 9.39 percent. The average home prices in Canada has grown 8.9 percent since last July, the association said in a statement.

Gregory Klump, chief economist for the association, said the strength of national sales is still very much from Vancouver and Toronto. Taking theses two cities out of the mix, the sale prices would be only at a 4.1 percent growth.

"Trends in British Columbia and Ontario have a big influence on the national figures, since they account for about 60 percent of national housing activity," Klump said in a statement.

Home sales in July 2015 came in 3.4 percent ahead of the same month last year, the second highest July sales figure on record after 2009, said the association.