I know my story isn't necessarily indicative of the market as a whole, but here goes. We put our Hintonburg/West Wellington 1+den (no parking) up for sale in July last year and it just sat on the market. We had lots of interest (at least 20 showings), but no offers. We dropped the price a few times and finally sold it for around 11% less than we bought it in late 2010.
Funnily enough, several nosy neighbours complained to us that our original price wasn't high enough, and that somehow de-valued their units. By the time we sold, a few of them had convinced themselves that the problem *must* be with our unit and not indicative of what their units would fetch or the market in general.
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