Reading the papers lately, I have noticed several articles regarding CMHC forecasts of lower housing starts across Canada by the end of 2008 and into 2009. Although BC bucked this trend for the first 3 months of the year, it seems the housing market may finally be beginning to balance after years of a frenetic pace, multiple offers and lines of buyers waiting to buy new condos.
In Vancouver, the listings inventory has spiked in the last few weeks and hearsay from our member real estate agents across BC is that the market is more balanced than in the last few years allowing buyers to chose a home more carefully. Don't get me wrong, I still hear about the occasional bidding war and multiple offers for the right property (and price)-it just seems that this is becoming less common than it was in 2004, when my husband and I sold our Vancouver house in one day for $30, 000 over asking (common in our neighbourhood at the time)-ah, those were the days (for sellers anyways!).
The news is good for both buyers and sellers. If your home is attractive, well built and properly priced, it should sell at market value (which is much more than it would have been worth at the beginning of this real estate wave). If it needs some work, don't get too greedy and be prepared to price it appropriately (you should still be way ahead of your profit margin a few years back). If you are buying and are not in a rush, take some time to determine exactly what you want. If find what you are looking for at the right price then make an offer. The nice thing about this market is that it might not have to be a "no subjects, cash" offer to get the deal.