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A number of Vancouver realtors believe a significant decline is happening in Metro Vancouver house prices, though official statistics are so far providing more muted signals.

The number of detached homes selling in Metro has been dropping for more than six months, but only recently have there been signs of easing of the city’s stratospheric prices.

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Greater Vancouver Real Estate Board figures for all residential properties still show modest price gains over last year, but prices stopped rising in June. Then, in July, prices slipped 0.6 per cent from the previous month. The Metro real estate board uses its own home price index to show price changes. It calls the statistic a “composite benchmark price” that comes from looking at “typical” homes that are picked for being “in the middle of the pack” when it comes to attributes such as number of bedrooms or square footage.

Other agencies and market watchers prefer using average or median prices and drill further into prices for specific housing types and neighbourhoods. These statistics suggest prices have been dropping for longer and more dramatically than the real estate board’s index.