Over the past week, we have seen the listing inventory stablize, and sales increase slightly over previous weeks.  There are now 3,597 properties for sale in Vancouver's West Side, compared to 3,268 at the end of April.  The sale to list ratio for the past week was 58%, up from the past 3 weeks, which were (respectively) 47%, 38% and 44%. 

Bank of Canada interest rates will be announced next week.  Some fixed term mortgage rates have dipped by .10% over the past couple of weeks, and "prime minus" mortgages are available in the market again.  Several media sources are reporting that Vancouver housing prices are the highest in the country, which is no news to those of us in the market.  Prices (that seem unimaginable to most Canadians) have been propped up by a lack of inventory, and strong demand from offshore buyers.  That trend is easing up as inventory for detached homes is now double what is was a couple of months ago.  As with all media reports, the subliminal message is that prices are too high, and when that is realized, buyers will typically prolong their buying decision until prices ease up.  I believe that over the summer we will start to see homes taking much longer to sell, and buyers may be able to have more negotiating power.