HamidEbrahimi via Getty Images Sunrise over a residential area in north Burnaby, B.C., near Vancouver.

Good news, would-be homebuyers in Vancouver: Things have just gotten a little easier for you. Not easy, mind you. But easier. The latest data from the Real Estate Board of Greater Vancouver (REBGV) shows the benchmark house price in the city has fallen below the $1-million mark for the first time since 2017. At $998,700, the June benchmark price is down 9.6 per cent over the past year. Watch: Is Canada’s economy addicted to money laundering? Story continues below.

That price includes both condos and detached homes. Detached homes themselves clocked in at $1.424 million, down 10.9 per cent in a year. Condos came in at $654,700, down 8.9 per cent in a year. Sales continued their downward trajectory, with the number of homes changing hands down by 14.4 per cent from a year earlier. The little bit of momentum seen this spring disappeared entirely; sales were down 21.3 per cent in June, compared to May, and are still well below their long-run average. “We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” REBGV president Ashley Smith said in a statement. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”