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Vancouver’s benchmark house price cracks $1M

A real estate sold sign is shown outside a house in Vancouver, Tuesday, Jan.3, 2017. The Real Estate Board of Greater Vancouver says the typical price of a home in Metro Vancouver has surpassed $1 million.
A real estate sold sign is shown outside a house in Vancouver, Tuesday, Jan.3, 2017. The Real Estate Board of Greater Vancouver says the typical price of a home in Metro Vancouver has surpassed $1 million. THE CANADIAN PRESS/Jonathan Hayward

VANCOUVER – The Real Estate Board of Greater Vancouver says the typical price of a home in Metro Vancouver has surpassed $1 million.

The board says the composite benchmark price for all residential properties in the area is currently $1,019,400, up 8.7 per cent from July 2016.

READ MORE: With prices at home surging, Canadians have been snapping up U.S. real estate en masse

The benchmark price for detached properties in the area is about $1.612 million, for attached properties $763,700 and for apartments $616,600.

While home prices jumped, there were more listings and fewer sales in Metro Vancouver last month.

READ MORE: Behold, Greater Vancouver’s most expensive real estate listing of all time

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The board says there were 2,960 residential property sales in the region — down 8.2 per cent from a year ago — and 5,256 properties were newly listed for sale last month. That brought the total number of properties above 9,000 for the first time this year.

Today also marks the one-year anniversary since the province’s former Liberal government imposed a 15-per-cent foreign buyers’ tax, aimed at cooling the hot housing market. The new NDP government has said it’s reviewing whether the tax and other measures were effective.