Metro Vancouver

Home sales in BC have fallen to 10 year lows.  Buyers are beng very cautious causing inventories of homes for sale to increase dramatically in BC. 

Sales through the multiple listing service totaled 6,541 units last month, a drop of 37 percent from a year ago. Although listing inventory jumped 63 percent in the last 12 months, the average price of a British Columbia home sank just 0.5 percent to $444,358, according to the report.

British Columbia Real Estate Association Chief Economist Cameron Muir attributed most of the drop-off in demand to "low consumer confidence," adding retail sales have also slowed amid soaring fuel prices.  Lets see how retail sales go this long weekend as shoppers outfit their children for back to school. If the shops dont get the traffic expected this weekend then it could be an indicator of a lack of consumer confidence that could well extend beyond the end of the year.