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New sales figures show the value of Lower Mainland real estate transactions for the first six months of this year plunged more than $22.5 billion from the same period three years ago.

With the first half of 2019 in the books, local realtor Barry Magee reviewed sales data from the Real Estate Boards of Greater Vancouver and the Fraser Valley. He said he expected to see a slowdown given the market recently. But the extent of that plummet, Magee said, was striking.

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In Greater Vancouver and the Fraser Valley, the combined value of properties sold in the first half of 2019 was $15.6 billion, less than half the total of $38.1 billion recorded over the same period in 2016, at the market’s high point.

Photo by Gerry Kahrmann / PNG

The total transaction value is a result of lower prices and fewer sales. Sales have dropped most significantly, but prices have been dropping as well, particularly in certain segments of the market. This week, the Real Estate Board of Greater Vancouver’s monthly report showed its benchmark price for homes in Metro Vancouver fell below $1 million for the first time in two years, and reported the lowest June sales numbers in almost 20 years.