The gears are in motion to convert a largely vacant hillside at East Fifth Street and Grand Boulevard in central Vancouver into luxury apartments.

The luxury home market in Greater Vancouver is seeing a significant drop in sales numbers, although prices haven’t gone down as much as you might think, says one expert.

Vancouver-area home sales were down two per cent in July compared with last year, as the city's real estate board says it continues to believe the market is showing early signs of recovery.