The Real Estate Board of Greater Vancouver has just released the Housing Price Index for the month of January, which indicates a levelling off of prices over the past three months:

	Oct/08	Nov/08	Dec/08	Jan/09
Det.	$1,279,528	$1,116,267	$1,165,007	$1,134,773
Att.	$630,738	$569,949	$609,623	$650,919
Apt.	$448,630	$428,548	$424,509	$425,678

 
The price of townhomes looks like it is on a rollercoaster, however, this is due to an insignificant number of sales to make an analysis of the price trend.  What we are seeing is a lower inventory in Townhouses, and detached houses under $1 mil.  Condo prices at the Benchmark price are fairly flat.  The prices of detached homes have already seen a steep and sharp drop, and it is likely that prices at the bottom end (under $1 mil) will stablize.  If there is more market adjustment in detached homes, it will likely be felt in the high end.