The market has shifted to more of a Buyer’s market than we have seen in years. One of the major factors contributing to the shift from a Seller’s to Buyer’s market is that Supply is up significantly over last year at the same time.

Sales have significantly decreased in June 2008 compared to the same time last year which would indicate that demand is also down at the same time that supply has rocketed. All of this means that Buyers have more choice in terms of product and will not be faced with having to compete with other buyers bidding on the same property.

While the market has slowed in terms of sales, prices are still rising but at a more moderate rate. The Real Estate Board of Greater Vancouver reports that for June the benchmark price (as calculated by the MLSLink Housing Price Index®) for detached properties rose 7% from June 2007. The benchmark price of an apartment rose 7.8% and attached properties saw an increase of 7.6%.