The media is reporting that the market may be slowing. I am not sure how they reached their conclusion but one thing is for sure, there are a lot more listings out there. Buyers tend to be taking a bit more time to decide on a place because there is that much more to choose from. This does not necessarily mean that they are getting properties at a lower price but there seems to be less competition on properties which mean prices are not being driven up as much with multiple offers.

Here are some stats from a news release issued by The Greater Vancouver Real Estate Board dated May 2, 2008:

• New listings for detached, attached and apartment properties increased 25.6 per cent in April 2008 compared to April 2007
• Sales of detached properties declined 7.8 per cent during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties rose 11 per cent from April 2007 to $771,321
• Sales of apartment properties in April 2008 declined 2.4 per compared sales in April 2007. The benchmark price of an apartment property increased 9.6 per cent from April 2007 to $389,070
• Attached property sales in April 2008 are down 4.1 per cent compared with sales in April 2007. The benchmark price of an attached unit increased 10.5 per cent between April 2007 and 2008 to $477,900

Takeaway: Now is a good time to start your search for a new home but if you are selling your home keep in mind you are up against greater competition so make sure your price is sharp and your property is in tip top shape.

Bank of Canada meets again June 10, 2008 so if you are thinking of buying, get yourself pre-approved by June 9 - ask me how.