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Housing market calmer in August: Real Estate Board of Greater Vancouver

A real estate sold sign is shown outside a house in Vancouver, Tuesday, Jan. 3, 2017.
A real estate sold sign is shown outside a house in Vancouver, Tuesday, Jan. 3, 2017. THE CANADIAN PRESS/Jonathan Hayward

Good news if you’re looking to buy a home in Metro Vancouver.

“Both July and August we’ve seen slight decreases in the benchmark price,” Phil Moore, president of the Real Estate Board of Greater Vancouver, said. The board released monthly figures for August on Wednesday.

“In the detached market, it’s about three per cent lower than a year ago. In the condo market, it’s still 10 per cent higher but we’ve seen it edging down since the end of June.”

He says there has been a change in the condo market where there were bidding wars in the spring.

READ MORE: Here are the cities with the highest – and lowest – real estate taxes in Canada

He says inventory of condos is now up 73 per cent from a year ago.

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“There’s a lot more selection in the condo market and it might be an opportunity for buyers to take a look. You might find those condos are a little bit less in price, a lot less competition, more selection, and you’ve got more time to think about your purchase.”

Moore calls this a “calmer market” where supply is up and demand is down.