For potential first-time homebuyers looking to get into Vancouver’s housing market, the current economy is a double-edged sword, according to a report released yesterday by Royal LePage Real Estate Services.

The B.C. Real Estate Association reported yesterday that the average home price is forecast to decline eight per cent to 420,600 this year, instead of the 13 per cent originally forecast.

But the low home prices and interest rates are balanced by an uncertain economy — and, by extension, uncertain employment prospects — that’s keeping some potential homebuyers at bay, according to Royal LePage’s First-Time Homebuyers’ Report.