It may not be a buyers market just yet. But the Vancouver region's red hot housing market may finally be cooling off.
While prices continue to climb, the latest report from the Real Estate Board of Greater Vancouver says overall home sales fell by more than 30 per cent in May 2008, in comparison to the equivalent month in 2007.
But in the same period, new listings rose by over 20 per cent, the report said.
Real Estate Board President Dave Watt sees this as a sign that would-be buyers are taking a little more time to look at properties before making any decision.
"The housing market is at a balanced state, sellers have more competition and buyers have more selection to choose from," he said.
Still, average prices for both detached and attached homes continue to rise.
While sales of detached homes declined by more than 33 per cent in May from a year ago, the average price of a detached home rose 8.4 per cent to $771,250.
Attached property sales decreased more than 24 per cent compared to the same period last year. But the average price rose nine per cent to $478,931.
The board believes many of the sellers are homeowners who are hoping to upgrade, people who wouldn't have contamplated moving in recent years. Now, like all would-be buyers, they have a lot more choice and time.
with a report by CTV British Columbia's Mike Killeen.
