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Housing prices may have dropped in Vancouver at the end 2012, but that still doesn't mean you can afford to own a home.
Even though housing affordability improved, B.C. remains the most expensive province in the country for home ownership, according to a report from RBC Economics Research.
It found a sharp drop in home re-sales last year, of nearly 12 per cent, with home prices down as much as four per cent.
The reason for the decline, no surprise, lies on Vancouver’s shoulders.
RBC Chief Economist Rob Wright says it's where housing prices remain out of sight.
The report found home resale rates in Vancouver fell a staggering 23 per cent to the lowest level in 12 years as a result of what it calls correction mode.