It feels like the summer of 2008.  In the first 2 quarters this year, housing prices on the Westside continued to rise, due to a lack of inventory, pent up demand, and low mortgage rates.  April, May and June brought a large number of listing to the market at the same time that buyers were nearing the end of the deadline before a change in mortgage qualification rules.  Prices have peaked in June, and are on a softening trend.  The latest Housing Price Index by the Real Estate Board of Greater Vancouver indicates the following:

Fixed term mortgage rates have dropped by .2% since the end of June, and the number of new listings coming to the market have declined from the spring.  The summer months present some great buying opportunities, with a combination of low interest rates, plenty of properties to choose from, less competition from other buyers, and some motivated sellers.