As I wrote a few weeks ago, the price drops are starting to show in the BC real estate statistics. Landcor just released it's second quarter Residential Sales Summary and it shows median price changes of between 3.8 to 15.6% across the province. The biggest changes have happened in Northern BC, where prices are down over last quarter anywhere form 1.2 to 15.6%. Other areas of more notable changes include the Okanagan (1.9-8.7%) and the Kootenays (1 to 7%), while Greater Vancouver and Vancouver Island have remained relatively stable despite increasing inventory (no more than 3.8% price changes).
As I have mentioned since the beginning of this slowdown, Albertan interest seems to still be quite strong despite the slow markets in Calgary and Edmonton. I have kept a tally on our site visitors and the percentage of Albertans visiting the site has consistently remained high (20-25% of Canadians visiting the site). Albertans have made a comeback this quarter over last with a 36% increase in purchases. They favoured (in order) the Okanagan, the Kootenays and Vancouver Island and the majority bought (in order) condos, vacant land and detached homes. On the down side, buyers from the US and other Canadian provinces have slowed.
Current market conditions should soon reflect lower sales prices as sellers who need to sell are taking lower offers and causing some markets to waver.