By Derrick Penner, Vancouver Sun

Metro Vancouver's real estate markets turned in 2008, which has meant falling sales and declining prices since late last spring.

Now, with gloomy economic developments dominating the news, uncertainty reigns over what is going to happen in real estate markets and when a recovery might be expected. The Vancouver Sun wanted to take a longer-term view.

The Sun invited to its editorial offices a panel of experts in Polygon Homes chairman Michael Audain, top realtor Patsy Hui with Re/Max Westcoast, and Tsur Somerville, director of the centre for urban economics and real estate at the Sauder School of Business at the University of British Columbia.

The conclusion of their discussion: The economic turmoil will continue having an impact on markets, and prices will keep declining. But at some point they will have to “unfreeze.” Sales will pick up as people have to buy and sell property for family reasons.

In the longer run, that normal activity, coupled with Metro Vancouver’s attractiveness as a destination for immigrants, give the region a solid basis for real estate markets to grow back from.

Read the full story here.