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The typical price of a home in Metro Vancouver, north of the Fraser River, surpassed $1 million for the first time in July, the Real Estate Board of Greater Vancouver said Wednesday.

The board says the composite benchmark price for all residential properties in the area — including detached homes, townhouses and condominiums — is $1,019,400, up 8.7 per cent from July 2016.

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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, according to the board, and for townhomes it increased 11.9 per cent.