Well, we're back! As predicted in the last issue, the correction has worked. To be more specific, since 2001, the market in Greater Vancouver has been rising swiftly (Jan 2001- Jan 2004 benchmark prices for condominiums rose by approx 50%). From Feb 2004-April 2004 competing offers forced prices up even further but at an unsustainable pace. As a result a correction was required. This was provided by a much slower final quarter of 2004 which returned some realism to the prices and allowed buyers to see some value again.