Housing sales within the Real Estate Board of Greater Vancouver fell 17.8 percent in February over the same month in 2011. However, they're still up 2.9 percent over the February 2010 figure.

In a news release issued by the REBGV, president Rosario Setticasi said that the sales-to-active-listing ratio remains over 18 percent, which suggest "balanced conditions in our marketplace as we move into the traditionally busier spring speason".

Some experts say downward pressure on housing prices kicks in when the sales-to-listing ratio falls below 15 percent.

The multiple-listing-service benchmark price for all properties in the region was $670,900 in February, which is up six percent from February 2011.

The benchmark price of an apartment on Vancouver's East Side was $306,300, whereas it was $470,500 on the West Side. In Burnaby, apartment prices ranged between $343,200 to $377,200, depending on where they were sold in the municipality. In New Westminster, the benchmark price of an apartment was $272,000.

The highest benchmark price for a single-family home was on Vancouver's West Side at $2.22 million, compared to $1.89 million in West Vancouver and $1.03 million in Richmond.

The REBGV does not include Surrey and Langley, which are part of the Fraser Valley Real Estate Board.