What is "normal" for Vancouver real estate? A very quick gauge is to look at a month at the peak of the annual real estate buffalo jump -- June -- and normalise it for population. This gives us sales per capita.
Note June 2010 is an estimate after 3/4 of the month's sales have been recorded. A fair estimate of sales in a "balanced" June market (where "balanced" refers to sales volume) will be about 1.5 sales per 1000 residents. Things will really get interesting if we see the 1.2 sales per kiloresident at the lower bounds of the data series, a level with historical precedent and far worse than even 2008 when prices began to fall precipitously.