Houses still selling, but for less!

In a report today from the Canadian Real Estate Association, it says that homes in Canada are still selling. In fact sales increased .1% from April to May of this year. However the downside is that the average price of these homes have dropped 3.6%. Even with the drop in values, the association does not sees us experiencing the same declines that our American friends are suffering through right now. 

So what does this all mean? It is a better time to buy, in certain markets the house that you like is now worth less, allowing you to get it at a discount. However for the homeowner, if you really have to sell, you have to be open to getting less for your home that you originally had expected. 

Cheers,

Pat