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, Real Estate Board of Greater Vancouver (REBGV) reports.

Since May 2008, housing prices across each residential category have declined.

?We?re seeing more price reductions in properties listed on the market, which is having a levelling impact on the housing price increases experienced at the end of last year and into the first quarter of 2008,? said REBGV president, Dave Watt. ?There was a slight decline in the total active listings on the market in July compared to June, which is a welcomed departure from recent trends.?

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Click the above image for full sized graph. You can also download the whole REBGV July Statistics.