Symmetry Watch #2
Somehow, even though prices rise most years, I doubt they have ever titled their year end report, "Year X Brought Deteriorating Housing Affordability to Vancouver!"
To be fair, nobody says the real estate board has to be objective about real estate, improved housing affordability is legitimately a good thing, and it's not a bad press release as these things go.
Anyways, sales were down 35.3% (to 24,626) in 2008 vs. 2007 while listings were up 13.9% (to 62,561).
The average one year change in prices for the greater Vancouver benchmark property was -10.9%, which isn't very good when you consider that prices were still rising one year ago, so the drop from the peak would be that much higher.