Due to slumping home sales, first time buyers in Metro Vancouver and other regions of British Columbia are getting the upper hand for the first time since 2001.
Cameron Muir, Chief Economist for the B.C. Real Estate Association, says the market has shifted in favour of buyers rather than sellers, "It means buyers have more product to choose from, more time to get home inspections. For sellers, they have to compete more against each other."
Sales plunged 43 per cent in Vancouver in June, compared to June 2007, while numbers in Kamloops were off 32 per cent in the same period.
Real estate officials say there is with very little movement among high priced or over-priced properties.
But realtor Dale Badh says it's not bad news, it's actually good news for everybody
"When it's a hectic market like the one we've gone though, it's not fun for anybody. Realtors, buyers, they're all stressed out, you have to act fast, in a steady market, it's good for everybody."
For the balance of this year and next year, Muir is predicting that home prices will track the rate of inflation.
"Maybe a little more on average. Still a solid investment but not reaching those 10 [per cent] to 15 [per cent], year over year gains we've become accustomed to over the last years."
Sales of apartments declined 42 per cent this last month compared to a June 2007. The benchmark price for a condo increased more than seven per cent to $388,722.
The benchmark price for a detached home also rose seven per cent to $765,654.
