Sellers in the Greater Vancouver housing market may breathe a sigh of relief as the number of new listings coming to market seems to have peaked and is not as dramatic as we saw over the last three months.

New listings to the market during June 2010 dropped to 5,544 versus the previous months "explosion" of 7014 new listings! However, today there are over 17,000 homes on the MLS which is up 32% compared to this time last year.

But, as sales indicate buyers have not been scared-off with the implementation of the new HST (Harmonized Sales Tax) softening sales figures and the approach of summer. There is still good market support as sales are off only 5.8% in June vs. May.

Savvy buyers see it as a great time to be shopping for real estate and not a time to move to the sidelines. The selection is great, interest rates are at record lows, prices have adjusted in most markets and some developers are absorbing the HST (new properties) through different incentives.

Of course, this environment will cause many to sit back and speculate looking for more price softening before making a move. But those buyers that were forced to the sidelines over that past years frenzied "sellers market" will likely see this as an opportunity.

Like contrarian buyers in the stock market (buying on a market dip) those out there buying QUALITY REAL ESTATE NOW may stand to gain the most.

Let the search begin.

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Putting off the sale of an investment property for fear of disturbing a good tenant may be a costly mistake...

See my BLOG, July 7, 2010

Sales/ Listings Statistics and Graphs for all areas.

All information is approximate

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