If you’re thinking of moving to Canada or if you’re looking for a second home or investment property, is it a good time to buy?

In British Columbia, the B.C. Real Estate Association (BCREA) is forecasting that residential sales prices will decline 13 percent in 2009, with the majority of the drop to occur between now and the summer.

In the Canadian real estate market nationwide, housing prices are still expected to fall, although not as steeply as in B.C. According to the Canada Mortgage and Housing Corporation, average prices are expected to decline approximately 5.2 percent in 2009, while in 2010, prices will level off, seeing little change from 2009.

However, in an interview with the Vancouver Sun, BCREA chief economist Cameron Muir said, “If you compare today versus a year ago, investing in real estate is more attractive than it was then.”

He went on to say that, due both to falling prices and lower interest rates, “For both investors and home buyers, your mortgage payment would be several hundred dollars less than a year ago.”

Photo ©Carolyn B. Heller