The exception to stability came in the luxury home market, which saw some gains over last year. This is a vote of confidence for the market as a whole.
While this calm is less exciting for headline writers and economists, it's a great chance for buyers and sellers -- and those considering either option -- to take a breath and plan their next step. Now is the time to review your own financial situation and goals, and to approach the previously irrational real estate market logically, calmly, and with your homework done.
The good news is that this market stability actually benefits everyone.
With fewer Vancouver condos and houses being added to the Multiple Listing Service (MLS), sellers will see their properties getting more exposure with less competition. The first step is an expert property evaluation.
Buyers, meanwhile, benefit from stable prices and the time to find their perfect new Vancouver area house or condo.
And everyone avoids that rollercoaster ride I mentioned in last month's Vancouver Real Estate Market Update
Remember, volatile markets -- whether they're overheated or falling -- add confusion, and can tempt regular buyers and sellers to become speculators, losing site of the basics.
Now, as the market calms down and heads cool (along with the temperatures), we can all focus on and be thankful for what matters.