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Vancouver Residential Property Benchmark Prices Cracks $1 Million

The Canadian Press, 02 Aug, 2017 12:30 PM
    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.
     
     
    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.
     
     
     
     
    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.

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