As reported by Ozzie Jurock, new B.C. real estate listings took a sharp turnaround in August, dropping 22% over July 2008. According to the BC Real Estate Association, this was the biggest month-to-month decline in over 25 years. As I mentioned in July, we were experiencing a "listings frenzy, " so it was natural the pace couldn't keep up. This is welcome news for home sellers, particularly those who have to sell. Although there are still a high number of active listings, this may be an indicator that sellers are realizing that the boom is over and those who can afford to wait have decided to hold on to their real estate until the picture changes.

In the meantime, it appears Edmonton is already making a comeback with sales up 18.6% over last August and listings inventory finally starting to inch down. These is welcome news for the BC waterfront market as those sellers who plan to retire in BC but were being stalled due to the slow Edmonton market should now have a chance to buy again. As I have mentioned in the past, even with the downturn in Albert real estate, interest on the site from Albertans has remained strong and steady throughout. In fact, with things now finally slowing in BC, this winter could turn out to be a good time to buy for those Edmontonians who want to move here. It's been a long time since we've seen so many price reductions and sellers willing to haggle here in BC.