The Real Estate Board of Greater Vancouver (REBGV) reports that the end of the record breaking 7 year real estate market cycle brought improved affordability to the marketplace. Rising prices had seen benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008.

REBGV reports that residential property sales in Greater Vancouver totalled 24,626 in 2008, a decline of 35.3 per cent from the 38,050 sales in 2007.

New listings for detached, attached and apartment properties increased 13.9 per cent to 62,561 in 2008 compared to 2007, when 54,945 new units were listed.

Trends in the later half of 2008 showed a consistent month-over-month decrease in residential housing prices ..." REBGV President Dave Watt said. ..." December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down. Last month was also the first time in 27 years that Greater Vancouver home sales for December were higher than November."

Watt further stated that "for buyers, lower prices haven't been a concern as much as the perception that prices are falling. It's difficult to identify the 'bottom' of the market. The reality is that people tend to buy when prices are going up, not when they're going down."

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You can also download the whole December 2008 REBGV statistics.