But Vancouver is not the only one that saw the market slow down, according to the Fraser Valley Real Estate Board, home sales in the region also took a hit.
"This past year has been a transition period for the Metro Vancouver housing market away from the sellers' market conditions we experienced in previous years", said Phil Moore, president of REBGV, in a statement.
Commercial and industrial properties saw an increase of between 10 and 20 per cent across most of the province, with some markets around Metro Vancouver increasing by up to 30 per cent.
The group's benchmark price for all types of homes, which is adjusted for variations in properties, fell 2.7 per cent year-over-year to $1,032,400.
Homes assessed on July 1, 2017 were typically in the range of $1.82 million, while numbers from July 1, 2018 sat at $1.75 million.
Many sellers in that bracket bought their homes years ago for a lot less money and "they're in a position to afford to sell their home for less money than they'd like to have had", he said.
Outside of Metro Vancouver, values continue to trend upwards. Whistler saw the highest overall condo increases, with its total value up a whopping 23 per cent (more municipal breakdowns here). That's down 31.6 per cent from almost 36,000 in 2017 and 25 per cent below the region's 10-year average.
The average assessment of a single-family home last year was $1,149,000 which climbed $1,222,000 in this year's report.
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"As the total supply of homes for sale began to accumulate in the spring, we began to see downward pressure on prices across all home types throughout the latter half of the year", continued Moore.
Shaughnessy, Kitsilano and Point Grey account for nearly every property listed in the top 40, with a few smatterings from Coal Harbour, West Vancouver and the University Endowment Lands.
Eilers said new mortgage "stress tests" brought in by the federal government have had a huge impact on both first-time buyers and those already holding mortgages who want to move up in the housing market. Townhomes have increased 1.3 per cent since December 2017, but have decreased 5.3 per cent in the last six months.
The benchmark price of an apartment-style condominium rose 0.6 per cent to $664,100 but was down 6.4 per cent since June.
Some 535 condo units traded hands across the region in December, which is a 34 per cent decrease compared to the 1,028 sales in December 2017 and 34 per cent lower than November 2018.
Home prices vary widely in different areas throughout the region.
He noted in the cases of properties with assessed values around $1 million in places such as Saanich, the value of the home is as little as $100,000, while the price of land makes up the vast majority of the price. That shift is significantly lower than anticipated increases in neighbouring municipalities such as Port Coquitlam (16 per cent), New Westminster (14 per cent), Coquitlam (13 per cent) and Burnaby (12 per cent).