Vancouver housing prices in the fourth quarter of 2008 were on average six per cent lower than in 2007, according to a survey released yesterday by Royal LePage Real Estate Services.

The average condo price at the end of 2008 was about $405,000, compared to $428,250 in 2007. Similar differences can be seen in bungalows as well as two-storey houses.

Bill Binnie, president of Royal LePage Northshore, said the turn was expected as people became unable to afford the rising prices.

“The inevitable correction just happens to fall during a time of economic turmoil,” he said.

With Olympics around the corner, he said Vancouver is in a great position to recover.

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