The Real Estate Board of Greater Vancouver (REBGV) reports that the first month of 2009 saw a continued reduction in the number of homes listed for sale, while sales volumes in January were the lowest for that month since the early 1980s.

Overall residential benchmark prices, as calculated by the MLSLink Housing Price Index declined 10.9% to $489,007 between Januarys 2008 and 2009.

Home sales and consumer confidence are at a low point at the moment, but the long-term strength and security of our housing market are beyond the reach of the economic clouds of today," REBGV President Dave Watt said,

"Today's short-term conditions are creating long-term opportunities. Buying opportunities have not been this strong in a decade, with low interest rates, broad selection and more affordable prices."

Click on the graph to see it in full size

Read Vancouver sun article to find out if this is a good time to buy.

You can also download the whole January 2009 REBGV statistics.