VANCOUVER (NEWS1130) – Home resale prices rose at the slowest pace in almost four years last month, held back by a decline in Vancouver.

The Teranet-National Bank Composite House Price Index for Vancouver dropped 2.8 per cent, its 11th-straight decline, to 168.4.

It means the average Vancouver resale home price is up 68 per cent in the past eight years.

Nationwide, across 11 cities, the index rose 1.8 per cent from a year earlier.

Strength in resales “may be put to test given the rapid increase in mortgage rates in June,” according to National Bank senior economist Marc Pinsonneault.