“The record-​​breaking real estate mar­ket cycle in Greater Vancouver, longer than nor­mal at seven con­sec­u­tive years, ended in 2008 amidst global eco­nomic challenges.”

That’s accord­ing to a report by the Real Estate Board of Greater Vancouver, which also noted that, “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.”

And if you were feel­ing priced out of the Vancouver mar­ket, take heart.

The REBGV says, “Since May 2008, the over­all res­i­den­tial bench­mark price has declined 14.8 per­cent in Greater Vancouver to $484,211 from $568,411.”