As compared with January 2008, B. C. real estate market's financial uncertainty pushed residential sales dollar volume down by 61% last month, with sluggish home sales, reflecting an overall malaise in consumer confidence and a weakening provincial economy.

Cameron Muir, chief economist of the B. C. Real Estate Association, says: 'The large selection of homes for sale in January likely reduced any sense of urgency for potential homebuyers to commit to a purchase.' However, he expects sales to pick up in the Spring, as lower prices and lower mortgage rates make for more affordable homes on the market.

As sales numbers slide, all types of housing has been affected by the economic downturn. Buyers watch the market closely to see whether housing will become more affordable. So, if you are looking to invest in B. C. real estate, with home sales and prices dropping, this is a good time as any to invest in real estate, what with a 5% increase in rents from October 2007.

Meanwhile, an Ipsos Reid poll released last week shows a growing number of British Columbians think this is a good time to buy a home, though most say it isn't a good time to sell.