After 7 consecutive years of recording breaking real estate sales in Greater Vancouver, the cycle ended in 2008 amidst global economic challenges. The change brought relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008.

“It’s also important to note that our December statistics show a third consecutive month of a decrease in active property listings in Greater Vancouver. That means supply is coming down,” said REBGV president, Dave Watt. “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November. 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,”  Watt said.