Today the Real Estate Board of Greater Vancouver announced that sales volume in Metro Vancouver hit a 17 year low in April. While this is surprising, it is key to remember that while sales volume affects prices, they are very different things. Obviously prices are still very high, even in some areas where prices are down substantially from where they were. The "new reality" where many government interventions are impacting the market, will affect different buyers and sellers in various ways, depending on their long and short term real estate goals. For example, sellers who want to sell in the next 5 years or so should probably consider selling sooner rather than later. Buyers who need the lower interest rates should move fairly quickly (rates are moving up and just went up again yesterday). Others have various factors to consider which will also affect their timing. If you would like to discuss how this market impacts you, please contact me.