For the first time in recent memory, the average sale price for a home in Vancouver has dipped below the $1-million price tag.
It’s more evidence the real estate market in Vancouver is coming to a screeching halt.
Zolo, a Canadian real estate brokerage which keeps track of MLS home sales in real time, reports that the average sale price for properties in the city have now fallen to around $993-thousand dollars.
That’s well off the neighbourhood of $1.4-million at this time last year, a 28 per cent free fall.
But while Zolo’s data suggests the detached market has been the driving force behind the drop, sale prices continue to climb for both townhouses and condos, with two-bedroom townhomes and condos up 28 and 8 per cent respectively from last year.