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A few months back, Postmedia News reported that a single-family detached home had been listed in Vancouver for less than a million dollars.

That was just a listing, not a sale, and at that point it was news. Not so much now. As demand shrinks and supply grows, the appearance of Vancouver homes now selling for less than a million is becoming more common.

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According real estate blogger Steve Saretsky, Vancouver housing sales in the first part of 2019 were at the lowest levels in 30 years (a bit of a head-turner given the growth in the city’s population.)

“As a result we are seeing inventory grow and prices move lower across all segments,” Saretsky wrote. He also pointed out that the recent big declines in prices for expensive homes was starting to trickle down to the lower end of the detached market.

“We are seeing more homes in East Vancouver selling below the million dollar mark and the vast majority of homes are selling below the tax assessed value.”