The news is seen as good from the buyer’s perspective as homes become a little more affordable, and bad from the sellers side as they see less than expected value for their homes.
Average prices across the country are expected to drop by only three per cent while Vancouver will see a 9% price decline instead of the 4% overall rise in 2008.
The thing to remember is the true value of your house can only be determined when it is sold. Market value is between the maximum buyers are willing to pay and the minimum of what sellers are willing to accept. With interest rates at record lows, and prices falling this is a great time to buy.