The graph above is from the CMHC’s Housing Now report for November 2009. It looks at the ratio of sales to new listings which is “a good indicator of price pressure in the existing home market”. The CMHC also noted that “With respect to B.C., the market has turned around and the average MLS® price, as of October 2009, is $487,597. This is higher than the February 2008 peak of $484,517.”

The full report is available as a pdf document here.