BC Housing Market Swings Back Towards the Buyer

From CTVbc.ca --

It's officially a buyers market in the British Columbia's Lower Mainland, and house hunters can once again afford to be choosy about the home they want.

That has prompted some realtors and sellers to be creative in trying to close a deal.

One Langley, B.C. couple has even gone as far as agreeing to cough up $20,000 to cover the buyer's down payment costs.

The Hartleys have made that move after reducing the price of a home that they put on the market three months ago.

"It's not something that you want to do,'' said Kelly Hartley

Hartley and her husband were encouraged to make this move by their realtor Brent Roberts, who says in a any real estate deal, "cash is as good as king."

Roberts admits he's aggressive, but says he has to be.

Other packages he offers include a new flat screen television set and even a new Hyundai car, worth $12,000.

In a buyers' market, analysts say these kinds of incentives aren't unusual.

"We have seen instances in the past, I think in the mid-nineties, we have seen when the market was a bit more flat on the sellers side,'' said Richard Sam, of Canada Mortgage & Housing Corp.

Sellers who don't want to offer bonus packages don't have to.

The greatest incentive of all, of course, is a home listed at a fair price.