To muddy this housing market even more, we have two pieces of news pulling things in the opposite direction.
First banks are cutting their mortgages rates a tiny bit . This is due to the huge rally in bonds which is unprecedented. No one is quite sure why this is happening. It could be due to the imminent resurgence of that whole recession-debt-default-thang which makes government bonds look more attractive, especially if we starts getting a little deflation in the air too.
Here is the US thirty bond yield- ours follows the US pretty closely.
Big drop in Housing sales and the average price across Canada. Just shows how correlated the country is and this is not just a local event. We are in a national housing bubble.
BTW- found a good source of info for current selling price per square foot for condos for Vancouver areas, broken down by size, area etc.