As 2008 came to a close, real estate activity across the country was summed up with one common word: Change.
Cycles come and go and the only difference this time is that the period of growth in activity and prices extended far beyond what anyone could have predicted. The unprecedented period of extended growth accentuated the tapering of sales, and with diminishing purchases, the lowering of prices.
Reduced numbers of sales doesn't reflect a reduced desire for Canadian real estate. The caution exercised by buyers merely demonstrates a wait-and-see attitude for those focused on securing the best possible price. Buyers who know what they are looking for are ready to make decisions when they've found the property that best suits their needs and is priced right.