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.
What's Going On In Housing?Our weekly newsletter delivers the news and analysis you need on Canada's housing market. Sign up below and don't miss an issue.
Also on HuffPost: