The December, 2011 Housing Price Index has just been released by the Real Estate Board of Greater Vancouver:

Market activity in the month of December, 2011 took a big breather, with Detached sales falling 48%, Townhouse sales dipping 35%, and Condominium Sales also dipping 27% below November, 2011 sales.  At the same time, the number of new listings to the market dropped correspondingly, and many properties that did not sell were taken off the market, to end the year with low inventory.  2012 is starting off with more new listings coming to market, and it is expected that inventory will continue to climb, given that many would-be sellers have waited until after Christmas, or the spring season to sell.  It is too early to guage any trend emerging from the December doldrums.  I am advising Sellers at this time to price sharply, unless we start to see a significant shift in the number of sales.