Vancouver’s benchmark house price cracks $1M

The Real Estate Board of Greater Vancouver releases data on first anniversary of foreign buyers’ tax

The Canadian Press

The typical price of a home in Metro Vancouver surpassed $1 million for the first time last July.

That’s according to the Real Estate Board of Greater Vancouver on the first anniversary of B.C.’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.

“It’s just an indication of the supply and demand that we’ve seen throughout the last while,” she said, noting in particular high demand and low supply for condominiums and townhomes.

The benchmark price for Metro Vancouver condominiums has jumped 18.5 per cent since last year, and for townhomes it increased 11.9 per cent.

While home prices continued to edge up, there were more listings and fewer sales in the area last month.

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 listed properties above 9,000 for the first time this year.

Oudil said the spike in listings could be due to a typical seasonal slowdown in home purchases as people tend to push house hunting to the side during the summer months.

Still, she added that some pockets of the city continue to experience high demand and multiple offers for properties, while other areas have slowed.

Oudil said the board doesn’t track foreign investment but does conduct a poll of its members, which provides some insight.

“We haven’t seen that did make any drastic changes to our market,” Oudil said of the surtax.

“We don’t believe that increasing taxes will necessarily change pricing and it certainly doesn’t increase supply.”

The new NDP government has said it’s reviewing whether the tax and other measures were effective.

Aleksandra Sagan, The Canadian Press

Just Posted

UPDATED: Police call off search for body under Agassiz Rosedale Bridge

Swimmers reported discovering body two days ago

Garbage truck and van collide on 6 Ave.

No serious injuries in mid-day collision

A man around town: Trevor McDonald

If it’s musical or entertaining and in Chilliwack, Trevor McDonald’s probably had a hand in it

Dew worm races back at 2nd annual Ryder Lake Summer Fair

The Fair is back for the second year after a lengthy hiatus

Five calls on local highways, mountains for Hope rescue squad

Injured hikers, injured motorists and one casualty has Hope SAR team busy

Here’s what you need to know about Day 1 at the BC Games

All 18 events kick off on the track, riding ring, fields, courts and lake in the Cowichan Valley

Site C dam project plagued by problems: expert

E. Harvey Elwin expresses concern about internal BC Hydro and government documents

Former hockey scout with NHL Oilers hired as WHL Giants’ senior advisor

Hockey exec’s experience ‘a huge asset for us as we continue our pursuit of a championship,’ GM says

Sole Girls makes its move in Chilliwack

The youth organization is hosting its first day camp in Chilliwack

Seal attacks kayakers in the Broughton Archipelago

“It has to be one chance in a million of this happening.”

New trial for man who was given the wrong medical records

Accused built case on records sent from Surrey Pretrial that weren’t his, though he thought they were

Victoria-area park sign removed after glitch redirects to porn site

Resident looking to learn more about workout equipment discovered the problem code

Special Olympic athletes take on BC Games during special anniversary

Known as the Global Day of Inclusion, July 20 marks the first Special Olympics in 1968 in Chicago

Scammers dressed as Mounties threaten to arrest senior if she doesn’t cough up cash

Pair of fraudulent officers threaten to arrest 90-year-old woman

Most Read