"I’ve been monitoring Fort Langley over the past six years. It’s been relatively stable listings-wise until last week. The listings have skyrocketed, and in the last few days the hot sheets are showing a huge increase in the number of price reductions."

Canayjun at greaterfool.ca 28 Apr 2010 3:37 pm -

“I’ve been monitoring a small area called Fort Langley in BC over the past six years, as a local realtor there sends me the hot sheets and the weekly stats. It’s been relatively stable listings wise until last week. The listings have skyrocketed, and in the last few days the hot sheets are showing a huge increase in the number of price reductions. But, the price reductions are really small, a drop of $10,000 on a $600,000 house doesn’t really excite anyone does it? It does mean though that the real estate agents are now seeing the writing on the wall. It seems price reductions on existing listings are the norm.”