Metro Vancouver residential property benchmark price cracks $1 million
VANCOUVER — The typical price of a home in Metro Vancouver surpassed $1 million for the first time last July, the Real Estate Board of Greater Vancouver said on the one-year anniversary of British Columbia’s 15 per cent surtax on foreign homebuyers.
The board says the composite benchmark price for all residential properties in the area — including detached homes, townhouses and condominiums — is currently $1,019,400, up 8.7 per cent from July 2016.
The benchmark price for detached properties in Metro Vancouver is about $1.612 million, for attached properties $763,700 and for apartments $616,600.
Jill Oudil, the board’s president, said it wasn’t a surprise to see the benchmark creep over seven figures.