Haven't really kept up with the numbers (but Mike F's website is still the great source of information.) I catch the odd article, but apparently inventory is currently at a decade long high in Vancouver and sales a a decade low for this time of year? Saw an article about realtors complaining about people walking away from deposits as well - anecdotal certainly.
Interesting with Calgary doing well and with such cheap cheap money being handed out right now.
http://www.cbc.ca/news/canada/britis...te-wobbly.html
In May, average prices for houses have dropped about $150,000 compared to one year ago. That 12-per-cent drop wiped out two years of price increases.
The reason appears to be that too many more sellers are trying to cash in at the same time. Listings are up by 23 per cent, but fewer are buying: sales are down 24 per cent.