Benchmark price for all residential properties in much of Metro Vancouver exceeds $1 million in 2017

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      The housing market slowed in much of Metro Vancouver in 2017 but prices still rose sharply.

      That's according to the latest statistics issued by the Real Estate Board of Greater Vancouver, which doesn't cover White Rock, North Delta, Surrey, and Langley.

      "The MLS HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,050,300," the REBGV reported today. "This is up 15.9 percent compared to December 2016."

      The REBGV reported that the benchmark price of condos rose a whopping 25.9 percent.

      On the West Side of Vancouver, it now stands at $807,100.

      On Vancouver's East Side, the benchmark price of a condo is $545,600.

      The largest percentage increases in the benchmark price of condos were in Pitt Meadows (36.1 percent), Port Coquitlam (35.7 percent), and Maple Ridge (35.5 percent), respectively.

      Townhomes were up 18.5 percent across the region, and detached homes increased by 7.9 percent.

      REBGV president Jill Oudil attributed these price hikes to "strong economic growth, low interest rates, declining unemployment, increasing wages, and a growing population".

      There were 35,993 sales in the REBGV through the multiple-listing service in 2017, which was down 15 percent from the previous year.

      But the 2017 sales total still remained 9.7 percent above the 10-year historical average.

      Listings were down 5.1 percent in 2017 over the previous year and were 4.4 percent below the 10-year historical average.

      For statistics by housing category and municipality, go here.