We won't know for sure if this was the best time to buy real estate (if we are at the low if this current price dip), but one thing is for sure. We currently are able to get ALL TIME RECORD low interest rates. I have seen 5 year locked in rates at under 4% and variable rates at just over 2%. When you add the fact that prices are down and that the rates are low, you can buy a home for hundreds of dollars less every month than you would have spent a year ago on the same property.
If you have any questions about the market, feel free to call me at 604.220.9399 or email firstname.lastname@example.org
Cory Raven's Metro Vancouver Real Estate Blog