It looks like Vancouver housing prices may finally be getting too high for reality.

According to the Greater Vancouver Real Estate Board, home sales across Metro Vancouver in September plunged more than 40% compared to the same time in 2017.

Only 1,595 homes changed hands during September, a 43.5% drop from the 2,821 sales that were recorded a year ago.

It was also 36% below the 10-year sales average for September and a 17.3% decline when compared to sales from August 2018.

The decline wasn’t from a lack of options, however, as a news release from the real estate board says plenty of homes were listed, but demand remained very low.

Ashley Smith, board president-elect, says listing are starting to accumulate as sales slow, which is easing prices just over 2%.

The composite benchmark price for residential properties has also tumbled 3.1% over the last three months.

Photo Credit: Canadian Press

"There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years," Smith says in the release.

"Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market."

In Metro Vancouver, there are just over 13,000 properties listed for sale, which is a 38.2% increase from September 2017 and a 10.7% increase since August.

The benchmark price for a detached home, $1,540,900, has also fallen 4.5% over the last year and 3.4% over the last three months.

Condos and apartments have also slid 3.1% in price over the last three months, but are actually up 7.4% since last September.

It’s a similar situation for townhomes, which are down over recent months but still up in price since last fall.

With files from the Canadian Press.