The Real Estate Board of Greater Vancouver has just released the latest statistics, and our Housing Price Index shows that prices on the Westside have been relatively flat since December, 2008:
 

	Nov/08	Dec/08	Jan/09	Feb/09
Det.	$1,116,267	$1,165,007	$1,134,773	$1,170,886
Att.	$569,949	$609,623	$650,919	$635,072
Apt.	$428,548	$424,509	$425,678	$422,456

In the past year, the price of Detached Homes show a decrease of 19%, but the 5 year trend is an increase of 58%.  Townhomes have shown a decline of 12% in the past year, but a 53% increase in 5 years.  Apartments have decreased by 15% in the last year, but have increased 43% in the past 5 years.  If only our financial portfolios had performed that well!  The number of sales in February is a bit more than double in January, 2009, and the inventory in all categories on the Westside remains relatively unchanged.

To sum it up, prices appear to be finding more stability, as demand increases and supply remains stable.  Today, the Bank of Canada announced another .5% cut in it's key lending rate, and some major banks have already followed suit by reducing their prime lending rates to 2.5%.  That is fantastic news to anyone who currently holds a variable rate mortgage.