08/02/2017 16:00 EDT | Updated 08/02/2017 16:00 EDT

Vancouver Home Sales Fall Again, But Benchmark Price Cracks $1 Million

One year after the foreign buyer tax came in, prices are up 8 per cent.

Bloomberg via Getty Images

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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