By Canadian Press

Metro Vancouver’s benchmark home price falls below $1M in June: real estate board

Jul 3, 2019 | 9:35 AM

VANCOUVER — The benchmark price of a home in Metro Vancouver fell below $1 million last month, marking the first time the number dropped below seven figures since May 2017.

The Real Estate Board of Greater Vancouver says the composite benchmark price for detached houses, townhomes and condos was $998,700 in June — down 9.6 per cent from the same time last year and 0.8 per cent from May.

Detached houses saw the biggest drop, falling 10.9 per cent from June 2018 to $1,423,500.

Townhomes fell 8.6 per cent to $774,700 and condos dropped 8.9 per cent to $654,700.

Prices dropped as the area recorded the lowest number of home sales last month than any June in more than two decades.

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The board says 2,077 homes sold in June 2019 — down 14.4 per cent from the same month last year, down 34.7 per cent from the 10-year June sales average and the lowest June total since 1998.

The Canadian Press