Well it’s no secret that the Vancouver Real Estate Market’s jets have certainly cooled. Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008. Sales of apartment properties in October 2008 declined 52.7 per cent to 647, compared to 1,368 sales in October 2007. 

“Home sales are not keeping pace with the positive economic conditions in BC,” said REBGV president, Dave Watt. “That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.”

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