Listen carefully, is that the sound of a bubble starting to deflate?

The first price 'correction' since 2001? Can it be? The once bullish analysts showing signs of retreat, offering whims of caution over their all-to-familiar mantra of "prices will never go down".

Detached house prices are down some 1.8%, while condo sales are forging the same path - south by 1.5%. While not a significant dip by any standards, it is the first sign of price relief since August, 2001. Encouragingly (for Allisa and I), the average condo price on the west side has tumbled over $40,000 since their September peaks.

Don't run off dreaming of mortgaging the kids for that Kerrisdale home just yet - November has been an off month which may have had an effect on prices - a spot of winter, power outages, snow, and now Christmas - has all but removed the thoughts of real estate sales off many peoples mind. The real figures will come in early spring, when the hangover of Christmas and New Years has worn off.

Stay tuned, these are exciting times!