Over the past four weeks, we have seen a trend in a consistent number of new listings coming to market, but a decline in the number of sales, and a corresponding decline in the list to sale ratio.  In the past week, there were 246 new listings, and 169 properties sold, for a list to sale ratio of 69%.  This trend can be attributed to the type of product coming on the market, compared with the hot price points.  We are seeing fewer listings at entry level pricing for first time buyers, where demand is strong.  Overall, the number of active listings is still on a decline, now at 1,976, the lowest point in 2009 to date.  The Housing Price Index just released by the Real Estate Board of Vancouver shows that prices are about even with August, 2008, but down from the peak in April/May, 2008:

Detached - $1,410,989
Townhouses - $708,450
Condos - $475,583

The state of the market going forward into the Fall will largely depend on the inventory coming to market, as interest rates are expected to remain flat and demand remains high.  

The Bank of Canada suggests that rates will remain even at least until the second quarter in 2010, which is post-Olympics in Vancouver, and just before the proposed Harmonized Sales Tax kicks in, which will add significant costs to buyers and sellers.  If I were thinking of Selling, I would take advantage today's market, and not wait until next year.  I am often asked what impact the Olympics will have on our market, and that remains to be seen, until we experience what type of spotlight will be cast on our City.  That spotlight will shine on the weather for the games, the homelessness in Vancouver, safety and security at the games, transportation, cost of living/taxes/HST, and provincial politics.  Yes, the Olympics is a big wildcard.