Vancouver’s real estate board says there have probably been “some reductions” in prices in some of its hottest markets, acknowledging the country’s most expensive city to buy a home in is now a buyer’s market.

The Real Estate Board of Greater Vancouver maintains that prices remain stable overall in its market. It says its benchmark price index is $606,100, a 0.8% drop from a year ago and a 2.3% decline over the last three months.

But there is no mistaking the steep decline in sales activity which in September was 41.6% below the 10-year average.

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