After five years of unprecedented increases, housing prices are beginning to realign, the Real Estate Board of Greater Vancouver said.

Vancouver has a heart. Centred on the small downtown peninsula, maybe twenty-seven blocks wide at its widest, fifteen blocks deep, it’s a small core.

In August, properties on average remained on the market longer than we’ve seen in recent years, REBGV president, Dave Watt said.

Benchmark price for all property types in Metro Vancouver have dipped 2.1 per cent since May, the Vancouver board reported 2,174 property sales in July.

The Globe and Mail tells the tale of how two university teachers, recently bought a 5,000-square-foot house in Kerrisdale and physically divided it from top to bottom.

As property listings continue to outpace sales, Greater Vancouver housing prices have drawn back, the last two months, from the record highs experienced in early 2008.

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The real estate market in British Columbia is squarely in the buyer’s court with inventory up and the volume of sales dropping by 36 per cent in June compared to the same period last year.

Canadians put a record number of homes up for sale in the first half of 2008 while sales of residential units slipped.

Federal Finance Minister Jim Flaherty said there was no housing bubble in Canada.

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The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in June 2008 to 2,425 from the 4,244 sales recorded in June 2007

The number of sales and the total value are lower, and the real estate industry is seeing signs that Victoria’s housing boom is over, The Vancouver Sun reports.

$200 cash prize for the best Vancouver photo submitted to JayBanks.ca in June.

The Greater Vancouver housing market continued its re-balance between sales and listings last month.